Ministers from the oil producers' cartel OPEC have decided not to increase production of crude oil in the fourth quarter of 2002 arguing that there is enough oil.
OPEC had been under pressure mostly from the side of the US to increase production only because of the fears of war with Iraq.
But concerns eased after Iraq said it was ready to re-admit weapons inspectors.
OPEC aims to keep the price of crude oil within a range of $22 and $28 a barrel. Now, oil prices are ricocheting around between $27 and $30 a barrel, sometimes rising above the desired range.
Disagreement between member countries appeared as Saudi Arabia, the most powerful member of the cartel, argued in favour of boosting output and lowering prices. But it was persuaded to go along with the majority.