DOHA, QATAR OPEC ministers decide to keep production levels

Gas prices will rise if OPEC holds to production quotas.
DOHA, Qatar (AP) -- OPEC ministers decided today to maintain current production levels until they meet again in September, with an option to revise them in July, the president of the oil cartel said.
Abdullah bin Hamad al-Attiyah said the 11-nation cartel would hold an extraordinary meeting July 31 to reassess the situation.
"Then we will have some options -- either to cut production or not. That is what we need to decide," al-Attiyah said.
Al-Attiyah said the July meeting would look at the impact of Iraq's return to the oil market.
Oil prices moved slightly lower in the wake of the announcement.
Other delegates had also said they saw little reason to change OPEC's target production ceiling of 25.4 million barrels a day.
Attracted by high prices, members of the Organization of Petroleum Exporting Countries have been exceeding their designated quotas and have oversupplied the market by about 1.5 million barrels a day.
If OPEC members do manage to comply with their quotas, an American national industry report has predicted that U.S. consumers may have to pay more per gallon as demand increases during the summer vacation months.
"Gasoline prices are already rising in some parts of the country on a spotty basis," the Lundberg Survey of 8,000 stations reported Sunday. "Considering the latest crude oil developments, it's likely gasoline prices are turning round and will soon rise."
Non-OPEC producers are also concerned about the impact of Iraqi oil when it comes on stream.