Oil supplies set to stay steady

Oil ministers gathering to decide on output levels said Thursday there was no need to crank up production, despite stubbornly high prices.

Their comments indicated that Friday's meeting of the Organization of Petroleum Exporting Countries would opt for the status quo and decide to keep pumping at present levels.

The special meeting was set up in December -- after prices surpassed $100 a barrel -- to give the 13-nation organization a chance to step in and increase output in case volatile markets needed calming.

But with oil hugging the $90 mark in recent weeks -- a high but steady level -- concern has eased that prices would shoot out of control.

http://edition.cnn.com/2008/BUSINESS/01/31/oil.supplies.ap/index.html