OPEC Expected to Leave Oil Supply Unchanged

The Organization of Petroleum Exporting Countries will probably leave oil supply unchanged at a meeting Tuesday, providing little relief from high fuel prices for consumers and businesses.

OPEC ministers are watching crude inventories, up more than 7% in the last year in the U.S., which is the top oil consumer, according to the American Petroleum Institute. That’s even though fellow member Iraq stopped most exports a month ago.

“Inventories at this moment are high,” Ali Rodriguez, the group’s secretary general, said over the weekend. “We do not see any necessity to produce more in order to satisfy the demand.” OPEC President and Algerian Oil Minister Chakib Khelil said the group might not boost supply during the rest of the year.

Ministers began arriving in Vienna on Sunday for their meeting, and at least five of OPEC’s 11 members--Qatar, Kuwait, Iran, Venezuela and Algeria--have said the group won’t change production targets.

At a June 5 meeting OPEC postponed a decision on oil production during the third quarter after Iraq halted shipments to protest a review of U.N. sanctions. Sales have yet to resume.

The group, which pumps about two-fifths of the world’s oil, has kept its benchmark oil within the targeted $22 to $28 a barrel this year. It fetched $23.91 on Thursday, the latest price quote available.