Pressure on OPEC ahead of Beirut meeting

EU finance ministers called on oil producers to provide adequate supplies at today's Ecofin meeting, according to Ireland's representative Charlie McCreevy.

Ministers want OPEC to keep in line with the initiative of the G8, so that oil prices would remain consistent with stable, sustained growth, in the world economy.

The finance ministers were also anxious that unilateral action by individual member states should be avoided.

OPEC is due to meet in Beirut on Thursday to discuss increased production to try to stabilise crude oil prices.