OPEC has decided not to change the amount of crude oil it is pumping even though the weaker dollar is pushing up prices which might have an effect on the fragile world economic recovery.
The producers’ cartel agreed that the recent $70 to $80 a barrel price range is ideal for producers and consumers.
Saudi Arabia’s oil minister Ali al-Naimi, who was in a philosophical mood, said: “If you want economic growth, you need energy, and energy in the Middle East is gas and oil.”
At the moment OPEC has plenty of leeway to add or subtract supplies informally depending on the strength of the oil market.
But OPEC’s Secretary General Abdullah el-Badri, did say ministers were concerned about the falling value of the dollar and what will happen next year, particularly with speculators trading in oil.