The Organisation of Petroleum Exporting Countries (OPEC) essentially sat on its hands yesterday in the face of soaring oil prices by deciding to keep its output steady.

Global oil cartel Opec looked set to leave production unchanged today as it juggled tensions in Iran and Nigeria.

OPEC has no obvious reason to cut its oil output, the group’s president said today, even though Iran and Venezuela have cited excess supply in pushing for a reduction.

Iran’s oil minister said today that OPEC would make any decision on adjusting oil supplies in a collective manner, comments that could allay fears his country would use the meeting as a stump speech over its nuclear ambitions.

Under pressure to lower stubbornly high oil prices, Opec ministers were gathering in Austria today to try to lower crude costs and ease the brakes on the global economy.