OPEC
ORG
OPEC
OPEC said that it would keep pumping oil near its maximum levels in an effort that could cool down prices. The decision by the Organization of the Petroleum Exporting Countries, which produces about 40 percent of the world's crude oil, showing a surge in crude oil stocks in the United States. Since OPEC abandoned its target range of $22 to $28 a barrel in January 2005, the oil-producing group has left one major question unanswered. OPEC's chief concern recently has been about falling oil prices. OPEC's top representatives have been eager to trim production, fearing that a seasonal slowdown in demand in the second quarter and a build-up in inventories might lead to a sharp slide in prices. Organization of the Petroleum Exporting Countries said on Wednesday that it would keep pumping oil near its maximum levels in an effort that could cool down prices. The decision by the OPEC, which produces about 40 percent of the world's crude oil, coincided with a report showing a surge in crude oil stocks in the United States. But with geopolitical tensions revolving around several oil producers, including the OPEC members Nigeria, Iran and Iraq, ministers at the gathering here acknowledge that their action may have little impact on today's volatile markets.