The Associated Press

VIENNA, Austria (AP) – OPEC decided Monday against raising production for the time being, a decision likely to upset consumer nations where high oil prices are pushing up winter heating bills.

Monday, November 13, 2000

VIENNA, Austria (AP) – OPEC decided Monday against raising production for the time being, a decision likely to upset consumer nations where high oil prices are pushing up winter heating bills.

The oil cartel warned that supply could soon outstrip demand after four production hikes this year failed to tame runaway prices.

Ministers from the Organization of Petroleum Exporting Countries will meet again in Vienna on Jan. 17 to review the market situation, the group said after formal talks ended Monday.

OPEC argues that it has done what it can to try to cap prices, which are still hovering near 10-year highs, by pumping an extra 3.7 million barrels per day this year.

It blames speculation, high fuel taxes and refining bottlenecks for prices that have aroused the ire of consumers grappling with higher gasoline prices and soaring heating bills.

Oil prices rose on news of no immediate output increases. North Sea Brent crude stood at $32.12, up 8 cents a barrel, on the International Petroleum Exchange in London. December light sweet crude futures were up about 45 cents to $34.47 in Singapore trading Monday.

OPEC said in a communique after Monday’s meeting that oil production from both OPEC and non-OPEC nations has been increased by around 5.2 million barrels per day this year.