OPEC may keep oil production steady as prices stay firm

Representatives of the Oil Producing and Exporting Countries (OPEC) meeting in Vienna are expected to keep oil output targets unchanged despite an unstable demand emerging from the "fragile recovery" of the global economy.

Though unsteady, they expect global demand for oil to rise with the recovery. This, however, would come not from the OECD countries, but from the emerging economies, they said.

It is likely that the OPEC would stick to the 24.84 million barrels per day (bpd) production ceiling, set in December 2008.

With economic recovery still fragile and Asian powerhouse China considering monetary curbs to cool growth, Germánico Pinto, minister of non-renewable natural resources of Ecuador and president of OPEC, said the main challenges today concern market stability at a time of much uncertainty in the world economy. 

"While there has been an improvement in the oil market outlook in recent months, there is still a long way to go before we can feel at ease with the situation," he said.

With benchmark crude futures trading at over $82 per barrel,  OPEC secretary-general Abdullah al-Badri said the producers would meet next on 14 October against the usual September.