OPEC agreed on Wednesday to keep exports unchanged, rebuffing consumer country calls for more crude to rein in $90-a-barrel oil.

The Organization of the Petroleum Exporting Countries justified the deal on its assessment that it is already pumping enough crude to meet winter fuel demand after a September decision to lift output.

Our position is that demand and supply are balanced and there is no need to increase oil to the market, said Iranian Oil Minister Gholamhossein Nozari.

There is no reason for the price to go high because we have enough stocks, said cartel Secretary-General Abdullah al-Badri. There is no reason whatsoever for prices to go up to $100.

OPEC meets again on February 1 to review policy b

Energy OPEC