VIENNA, Sept 11: Opec ministers decided after a meeting on Monday to maintain their policy of stabilising the market with an output ceiling of 28 million barrels per day but said they were ready to respond to sharp price changes.

Qatari Energy Minister Abdullah bin Hamad al-Attiyah said the production quota implemented by the Organisation of Petroleum Exporting Countries would continue unchanged for now.

“We roll over,” he told reporters.

However, the 11 oil-producing nations pledged in a statement to remain vigilant about developments in oil markets.

They said they were ready “to take decisions” if necessary at their next meeting on December 14 in Nigeria.

“Moreover, in light of the many downside risks identified, the Conference also agreed that its president would make the necessary consultations prior to the December meeting, should market conditions so warrant,” the Opec statement added.

Opec said oil prices had “moderated substantially in recent weeks”.

“The conference reiterated that the Organization will continue its proactive policy of supporting market stability by restoring a balance between supply and demand, at prices reasonable to both producers and consumers and conducive to continued world economic growth,” the statement added.

However, the oil producing nations signalled that they were “continuing to vigilantly monitor supply/demand fundamentals” and were ready to react to any major fall in prices.

“The conference stressed its determination to ensure that crude oil prices remain at acceptable levels and member countries recorded their preparedness to respond rapidly to any developments which might jeopardise their interests,” the statement said.“A price that’s too low would be below $60 a barrel,” Venezuela's Energy Minister Rafael Ramirez said shortly before the meeting.

Opec’s policy of maintaining stability in recent years was largely aimed at stemming overheating prices after oil tripled in value from 2002 on surging global demand.

However that policy could be switched later to stop prices dropping too sharply by reducing the production ceiling or reining in output, analysts and ministers have said.

“If we feel the market needs to cut to stabilise, we will do so,” Attiyah said on Sunday.

“The market needs to be assured that the appropriate actions will be taken in the first quarter of 2007,” said Carl Calabro of the US consultancy PFC Energy.—AFP