OPEC won't raise its oil production

2010-12-12 06:47:23 GMT2010-12-12 14:47:23 (Beijing Time) Xinhua English

QUITO - OPEC ministers announced Saturday to maintain its oil output at current level while Saudi Arabia voiced favor for a price between 70 to 80 dollars per barrel.

The announcement came as an relief for the oil consumers who were worrying that the rising oil price would soon broach the psychological barrier of 100 dollars, thus hampering the global economic recovery.

The developed nations were still burdened with "lower industrial output, lagging private consumption as well as persistently high unemployment," the ministers said.

"70 to 80 dollars per barrel is a good price", said Saudi Oil Minster Ali al-Naimi, adding that the price were tolerable for consumers.