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31. The oil market still seems over-supplied, given ample inventories, an increase in OPEC and non-OPEC production, and high surplus capacity within OPEC.

32. Saudi Arabia possesses 25% of the world"s proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC.

33. OPEC is now almost back to its previous peak production, and will reach that level later this year to fuel recovering economies.

34. In the past, non - OPEC firms would have more than compensated for the cartel's reticence to invest.

35. The decision was confirmed by OPEC President Wilson Pastor following a ministerial meeting Thursday afternoon.

36. Following the meeting OPEC oil ministers said they will stick to present output levels set in December.

37. With oil inventories high, OPEC normally would cut output quotas.

38. Since last year, OPEC has cut its crude oil output of 420 million barrels per day.

39. They also welcomed their thirteenth member, Ecuador, which rejoined OPEC in November.

40. I spoke with King Fahd of Saudi Arabia about the possibility of OPEC increasing its production.

41. But are risks for OPEC pursuing such a high oil - price policy.

42. OPEC , the Organization of Petroleum Exporting Countries, was producing at close to its maximum rate.

43. Yesterday, the Energy Department's Energy Administration reiterated its call for OPEC to increase production.

44. Since 1993 OPEC, the oil cartel dominated by Saudi Arabia, has kept its output constant at around 25m barrels a day.

45. At that point, Japan, along with Saudi Arabia and other OPEC (Organization of Petroleum Exporting Countries) nations, came to the rescue.

46. Later in the year, however, oil prices could ease since supplies from both OPEC and non-OPEC sources are expected to increase, said Sara Banaszak, senior economist at the American Petroleum Institute.

47. With oil prices at historic high, there is speculation that OPEC will decide to increase production.

48. While an actual alliance with OPEC seems far-fetched, concerns already run high in the U. S. and Europe that Moscow is trying to increase its chokehold over Europe's energy needs.

49. OPEC second big oil - producing country Iran also appeals to the underproduction.

50. The other, the Organization of Petroleum Exporting Countries OPEC that the data showed last week, OPEC crudes basket price drop 39.02 per barrel to the United States.

51. TEHRAN, Iran - June 26 Acting Oil Minister Mohammad Ali Liebadi 26, reiterated that Iran will continue to oppose parts of the country's oil consumption increased OPEC production quota requirements.

52. On the flip side, OPEC is likely to broadly maintain supply curbs over the coming months and this could provide some price support.

53. OPEC ministers are in Riyadh,(www.Sentencedict.com) Saudi Arabia this weekend to discuss the skyrocketing price of oil on the world market.

54. Thailand proposed an OPEC - style cartel for rice, an idea that went nowhere.

55. The success of OPEC has inspired countries exporting primary products other than oil.

56. The Organization of Petroleum Exporting Countries has scrambled since September to stem the fall in oil prices, which is putting pressure on OPEC budgets from Ecuador to Kuwait.

57. His position could cause tension with Iran. Since the Iran-Iraq war, the two countries have had a gentlemen's agreement to maintain similar quotas within Opec.

58. Status Offline sentence 1. OPEC ministers begin meeting in Austria in a few hours awaiting the ministers' decision on what the future level of oil production should be.

59. What oil price will the Organization of Petroleum Exporting Countries (OPEC) decide on at its next meeting?

60. He added: " That would a clear signal that Opec means business. "