LONDON, March 7: World oil prices fell back on Tuesday in response to assurances from several key Opec members that the cartel would likely maintain its production quota at a ministerial meeting in Vienna on Wednesday.

New York’s main contract, light sweet crude for delivery in April, was down $1.01 in late afternoon trade at $61.40 a barrel, having risen at one point on Friday to $63.75.

In London on Tuesday, the price of Brent North Sea crude for April delivery lost $1.34 to reach $61.00 a barrel.

Ahead of the Opec gathering on Wednesday, three key members of the cartel — Saudi Arabia, Kuwait and the United Arab Emirates — signalled their preference for making no pronounced changes in Opec production policies.

While Venezuela urged a 500,000-barrel-a-day cut in the current 28-million-barrel-a-day output quota, analysts said it was unlikely to convince other members to go along with such a reduction at time of uncertainty in Iran and unrest in Nigeria, both of which are Opec producers.

There is concern on the oil market that Iran might slash its oil exports if it is hit with United Nations sanctions against its nuclear energy programme.

Adding to the uncertainty have been a spate of attacks by militants on Nigerian oil installations, which have prompted a 20-per cent fall in the country’s crude production in recent weeks.

But Tony Machacek, a trader with Bache Financial, said dealers on Tuesday were “taking comments from Opec as being a little bit negative for prices.”—AFP