OPEC expected to keep oil output at present level
It is expected that OPEC will keep output at its present level when they meet today to keep consumers happy and fill supply gaps in Nigeria and Iraq.
The Organisation of the Petroleum Exporting Countries' policy committee has said it will advise ministers to stick with the 28 million barrels per day ceiling despite forecasts for lower demand in spring.
Prices are currently near $62 a barrel and there have been disruptions to exports recently from Nigeria and Iraq.
The controversy over Iran's nuclear programme has left OPEC little room for manoeuvre.
OPEC's own economists forecast world oil demand will slow in the second quarter.
However, worries over supply have pushed the cost of a barrel of oil to the highest level in a quarter of a century in real terms.
US crude stood at $61.45 a barrel yesterday.
