The Organization of Petroleum Exporting Countries kept oil production targets unchanged at a meeting Friday in Vienna, rebuffing a request from President Bush to increase output.

President Bush is calling on the world's major oil-producing countries to increase their output. VOA White House correspondent Paula Wolfson reports the latest comments came in Saudi Arabia, where Mr. Bush also issued another warning to Iran.

The OPEC move reflected concerns about raising production quotas at a time when oil prices have been retreating.

OPEC members don't even want to publicly talk about the collapsing dollar for fear it might accelerate the precipitous decline. Of course the accidental airing of OPEC concern from a meeting in Saudi Arabia that people will find out they are concerned about falling dollar will have far worse ramifications.

OPEC is going to establish an environmental fund in reducing carbon dioxide emissions, it will bring together oil producers and energy consuming countries to contribute to it.

Oil prices surged to a record closing high in New York overnight as traders viewed the small output hike agreed by OPEC as a token gesture that would do little to meet rising global demand.

The third summit of the Organization of the Petroleum Exporting Countries (OPEC) will be held in Riyadh in November, reported KUNA.

Oil prices fell Monday as traders took profits after crude futures settled near an all-time high in the previous session. Light, sweet crude for September delivery lost 30 cents to US$76.72 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore.

Oil prices continued falling Tuesday amid worries that crude prices have risen too high in recent weeks and speculations over OPEC comments that may signal a less bullish position on production and supplies.

The president of Organisation of Petroleum Exporting Countries has said that repeated calls by industrialised countries to reduce dependence on oil could lead to a reduction in supplies from the cartel.

The price of OPEC basket of eleven crudes stood at 68.23 dollars a barrel on Tuesday, June 19, compared with 67.90 dollars the previous day, according to OPEC Secretariat calculations.

Oil prices were little changed Friday after rising overnight to a nine-month-high finish on worries the U.S. refining industry can't meet peak summer gasoline demand.