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Ministers Unlikely to Alter Quotas

Oil ministers from the OPEC cartel are slated to meet in Vienna on Friday to discuss, amongst other things, the oil supply. It seems pretty certain there will be no announcement of a change in quotas, according to analysts who follow the industry. Ministers believe stocks are plentiful right now and the market has stabilized somewhat after the turbulence of recent months. The West, India, and China pushed for increases in output over the last couple of years to guarantee supplies for industry. However, OPEC countries have only occasionally grudgingly pumped more barrels onto the market. That, coupled with political instability in Iraq, Nigeria, and other key oil-producing states has left prices high for consumers.