News : Business : OPEC conference convenes in Riyadh

OPEC conference convenes in Riyadh

Saturday, 17-Nov-2007 09:21AM EDT
Story from United Press International. Copyright 2007 by United Press International (via ClariNet)

RIYADH, Saudi Arabia, Nov. 17 (UPI) -- Oil prices rose to $95 dollars a barrel as OPEC oil producing nations convened a summit in Riyadh, Saudi Arabia, amid calls for greater production.

U.S. President George Bush called on leaders of OPEC's 13-member states to increase production as a way to stabilize prices and prevent further price hikes, KUNA, the Kuwait News Agency reported.

OPEC has been reluctant to increase production above its current 30.1 million barrels a day, KUNA said, attributing the current price of oil to the low value of the U.S. dollar against the euro and forecasts of cold weather in the United States.

"I don't think the market needs more oil," said Algerian Oil Minister Chakib Khalil, noting he expects oil prices to remain near present levels until next Spring.

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