Security officials guard at the meeting hall of the miniterial meeting of OPEC in Caracas, capital of Venezuela, June 1, 2006. The 141st special ministerial meeting for ministers of the Organization of Petroleum Exporting Countries (OPEC) opened in Caracas on Thursday. The ministers agreed to maintain the current production quotas of 28 million barrels a day (bpd) during the meeting. (Xinhua Photo)

     OPEC to keep gushing oil at full capacity

     BEIJING, June 2 (Xinhuanet) -- OPEC (The Organisation of Petroleum Exporting Countries)ministers agreed on Thursday to maintain the current production quotas of 28 million barrels a day, rejecting a suggested cut by host Venezuela, the cartel's leading price hawk.

      At the 141st Extraordinary Meeting of the OPEC Conference, Venezuelan President Hugo Chavez said that current oil prices, at above 70 dollars a barrel in New York, were "fair" and that the market was oversupplied. Prices should not be allowed to fall below 50 dollars a barrel, Chavez said.

Ministers talk with each other before the miniterial meeting of OPEC in Caracas, capital of Venezuela, June 1, 2006. The 141st special ministerial meeting for ministers of the Organization of Petroleum Exporting Countries (OPEC) opened in Caracas on Thursday. The ministers agreed to maintain the current production quotas of 28 million barrels a day (bpd) during the meeting. (Xinhua Photo)

OPEC president uncomfortable with high oil prices

    CARACAS, June 1 (Xinhua) -- Nigeria's Edmund Maduabebe Daukoru, president of the Organization of Petroleum Exporting Countries (OPEC), said on Thursday that he was uncomfortable with high international oil prices.

    "We are not comfortable with prices at such levels, because they are not supported by fundamentals, and contain the seeds of new volatility," said Daukoru, who is also Nigeria's petroleum resources minister.

At the 141st Extraordinary Meeting of the OPEC Conference, Venezuelan President Hugo Chavez said that current oil prices, at above 70 dollars a barrel in New York, were "fair" and that the market was oversupplied. Prices should not be allowed to fall below 50 dollars a barrel, Chavez said.(Xinhua Photo)

OPEC nations reject cutting oil production

    BEIJING, June 2 -- Oil-Rich nations brushed off a push by Venezuelan leader Hugo Chavez to cut production, but he used the OPEC meeting to push for expanding the cartel's membership and praised Bolivia's nationalization of its natural gas industry.

    Qatar's oil minister, Abdullah al-Attiyah, said before yesterday's meeting that he did not believe output should be cut now, echoing comments by other key OPEC players.

At the 141st Extraordinary Meeting of the OPEC Conference, Venezuelan President Hugo Chavez said that World oil inventories are in surplus and OPEC should consider reducing output to prevent a price slump. (Xinhua Photo)

OPEC special meeting opens in Caracas

    CARACAS, June 1 (Xinhua) -- The 141st special ministerial meeting for ministers of the Organization of Petroleum Exporting Countries (OPEC) opened here on Thursday to discuss the current situation of oil market.

    Venezuela's Energy and Petroleum Minister Rafael Ramirez inaugurated the meeting, saying that OPEC is facing new challenges, including geo-political tensions and market speculation.