As expected, the OPEC decided to leave production quotas unchanged stressing looming risks to the fragile global economic recovery.
In a statement issued here after the summit, the 12-nation Organization of the Petroleum Exporting Countries said that the economic growth that had pushed oil to above $90 a barrel this week was likely to slow next year.
That, and the challenges to the world's recovery from the 2008 financial crisis, "would negatively impact on oil demand," it said.
OPEC highlighted "the adverse risks of possible currency conflicts and fears of a second banking crisis in Europe" along with low industrial output in developed countries, high unemployment and "ample spare capacity throughout the oil supply chain."
The cartel at the same time said it was "comfortable" with current prices.
Oil futures trading Friday finished at $90.48 in London trade for delivery in January. New York's main contract, light sweet crude for January, finished at $87.79 a barrel.
Stronger-than-expected demand attributed to a harsh winter hitting Europe and parts of North America was pushing oil prices higher this year, as was growth in China and other developing nations. But OPEC said speculation was also fueling the rise.
And observers said economic uncertainties suggested the rally might not last, with fears rising that China's economy was at threat by soaring inflation.
The International Energy Agency said Friday that global demand growth should ease in 2011, from 2.5 million barrels per day to 1.3 mbd, amid renewed structural OECD decline, and as post-recession froth in markets like China subsides," the IEA said.
OPEC's decision meant it would maintain production at 24.8 million barrels per day, the level set after a hefty quota cut in January 2009 to cope with a collapse in oil prices caused by the financial crisis.
The organization accounts for nearly 40 percent of the world's oil output. Some OPEC members like Iran, Venezuela and Libya were urging higher prices, to above $100 a barrel to offset what they said were rising production costs.
OPEC set its next meeting for June next year in Vienna.Iran was taking over the cartel's rotating presidency next year, the first time in 36 years it will have held the leadership.
In a statement issued here after the summit, the 12-nation Organization of the Petroleum Exporting Countries said that the economic growth that had pushed oil to above $90 a barrel this week was likely to slow next year.
That, and the challenges to the world's recovery from the 2008 financial crisis, "would negatively impact on oil demand," it said.
OPEC highlighted "the adverse risks of possible currency conflicts and fears of a second banking crisis in Europe" along with low industrial output in developed countries, high unemployment and "ample spare capacity throughout the oil supply chain."
The cartel at the same time said it was "comfortable" with current prices.
Oil futures trading Friday finished at $90.48 in London trade for delivery in January. New York's main contract, light sweet crude for January, finished at $87.79 a barrel.
Stronger-than-expected demand attributed to a harsh winter hitting Europe and parts of North America was pushing oil prices higher this year, as was growth in China and other developing nations. But OPEC said speculation was also fueling the rise.
And observers said economic uncertainties suggested the rally might not last, with fears rising that China's economy was at threat by soaring inflation.
The International Energy Agency said Friday that global demand growth should ease in 2011, from 2.5 million barrels per day to 1.3 mbd, amid renewed structural OECD decline, and as post-recession froth in markets like China subsides," the IEA said.
OPEC's decision meant it would maintain production at 24.8 million barrels per day, the level set after a hefty quota cut in January 2009 to cope with a collapse in oil prices caused by the financial crisis.
The organization accounts for nearly 40 percent of the world's oil output. Some OPEC members like Iran, Venezuela and Libya were urging higher prices, to above $100 a barrel to offset what they said were rising production costs.
OPEC set its next meeting for June next year in Vienna.Iran was taking over the cartel's rotating presidency next year, the first time in 36 years it will have held the leadership.
