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.

WORLD oil prices eased from 21-year highs yesterday as OPEC ministers conceded they had very little power to calm the market.

OPEC, producer of a third of the world’s oil, agreed to maintain its production limits and meet again to consider cutbacks to prevent a drop in prices, the group’s secretary-general said.