OPEC Keeps Oil Production High

Oil wells near the Siberian city of Tomsk (file photo) (ITAR-TASS) June 2, 2006 -- OPEC, the group of major oil-exporting countries, has decided to keep oil output near its full capacity of 28 million barrels a day.

The group, at a meeting in Caracas, rejected a call by Venezuela to prop up prices by cutting production, which is currently at a 25-year-high.

Oil prices have more than doubled in the last three years due in part to strong demand in Asia and instability in the Middle East.

(Reuters, AP)