OPEC today agreed to rein in oil production once the Persian Gulf crisis is resolved, but worries persisted about the group's ability to abide by the accord.
"I am very, very afraid about the future," Iran's oil minister, Gholamreza Aqazadeh, told reporters at the end of one of OPEC's shortest twice-yearly ministerial sessions on record -- a two-day plenary that followed a monitoring committee meeting Tuesday.
All 13 members of the Organization of Petroleum Exporting Countries, including Iraq and Kuwait, signed a resolution calling for an output ceiling of 22.5 million barrels per day to be reinstated once the crisis is over.
News of the accord had little impact on oil prices in London. The January futures contract for North Sea Brent Blend was hardly changed at a price of $26.15 a barrel on the International Petroleum Exchange at midday.