OPEC keeps output steady in face of $100 oil

By Peg Mackey and Barbara Lewis

VIENNA (Reuters) - OPEC ministers on Wednesday agreed to keep oil output steady and said record high prices had been driven by factors that were beyond their control.

U.S. crude CLc1 hit a record of $103.95 a barrel on Monday and was trading above $101 on Wednesday.

The world's biggest fuel burner the United States had said even a token supply increase from the Organization of the Petroleum Exporting Countries would help to tame prices and limit any impact on a fragile world economy.

But OPEC ministers argued the oil market was driven by a weak dollar, speculation and political strife, and not by a lack of crude.

"Yes, the production will not be changed," Iraqi Oil Minister Hussain al-Shahristani told reporters as he emerged from Wednesday's meeting.

Nigerian Minister of State for Oil Odein Ajumogobia said earlier he believed output should be kept steady, but that oil above $100 was uncomfortable and above $80 a barrel was high.

"The OPEC official position has been anything above $80 is on the high side," he told reporters.

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