OPEC to Keep Production Steady: AP

ABU DHABI, United Arab Emirates (AP) -- OPEC decided Wednesday to keep output ceilings steady for now, in a move that briefly propelled crude prices above $90 a barrel.

Other delegates said the 13-nation group will meet again early next year to review that decision.

The formal announcement by the 13-nation Organization of Petroleum Exporting countries appeared to reflect OPEC concerns that it would be counterproductive to raise overall production quotas at a time when prices have retreated about 10 percent from recent record highs.

It also seemed to suggest that OPEC now views prices near or above $90 -- an increase of about $40 since the start of the year -- as acceptable.

Still, any decision to meet early next year for a review of the world economy and other factors indicated that the organization was prepared to increase quotas should prices go much higher.