OPEC to ensure market stability: Report

Saudi Arabian Minister of Petroleum and Mineral Resources Ali Al-Naimi said Wednesday that consultations were underway among OPEC members states to hold a ministerial meeting in Vienna in the next few weeks, Kuwait news agency reported.

In a statement to the Saudi Press Agency, Al-Naimi noted that the objective of this meeting is to ensure market stability based on OPEC recent decisions.

He disclosed that OPEC would certainly maintain the price range of the Organization between US$22-28 a barrel.

Al-Naimi described as "totally untrue" news reports that Saudi Arabia has boosted its oil output last month.

He said that the Kingdom is not taking unilateral decisions in regard to oil production but with consultation with OPEC member states and according to its interests.

Meanwhile, oil prices continued to edge higher on Wednesday despite the apparent breakdown of Iraqi leader Saddam Hussein's rule in Baghdad, with dealers concerned that the OPEC producer cartel might cut production.

Reference Brent North Sea crude for May delivery rose 42 cents a barrel to 25.02 dollars shortly after trading opened. (*)