Dec. 5 (Bloomberg) -- OPEC, the producer of more than 40 percent of the world's oil, agreed to keep production targets unchanged as ministers rejected calls for more supply with prices near $90 a barrel.

The Organization of Petroleum Exporting Countries will meet again on Feb. 1 in Vienna to review today's decision, the group said in a statement after its meeting in Abu Dhabi today. Iran, Venezuela, Qatar and most other members had opposed a proposal for an increase of 500,000 barrels a day.

Crude oil for January delivery rose $1.43, or 1.6 percent, to $89.75 a barrel on the New York Mercantile Exchange at 1:23 p.m. London time. Since reaching a record $99.29 on Nov. 21, prices had fallen by more than $10 and ministers including Venezuela's Rafael Ramirez said that drop meant OPEC should reject a U.S. request for more oil.

``The idea of an increase in production became more and more difficult in the past few days because of the recent fall in the oil price,'' Thierry Lefrancois, an energy analyst with Paris-based Natixis SA, said in an interview today. ``This made Saudi Arabia change its position.''

The target for 10 of OPEC's 13 members will remain at 27.253 million barrels a day. The group's newest members, Angola and Ecuador, were given daily production quotas for the first time, of 1.9 million barrels and 520,000 barrels, respectively. That brings the combined target for 12 members to 29.673 million barrels a day. Iraq has no quota.

Saudi Arabian Oil Minister Ali al-Naimi and Qatar's Abdullah al-Attiyah had said in recent days that the market has ample crude. OPEC had agreed at its last meeting in September to raise output by 500,000 barrels a day starting Nov. 1, a move that failed to prevent last month's rally.

`Dark Clouds'

``Technically and fundamentally they've called it right,'' said Michael Davies, an analyst at Sucden (U.K.) Ltd. in London. ``There are some real dark clouds over the U.S. and U.K. economies, and they could spread to the rest of the world.''

Al-Naimi declined to comment on the decision when OPEC ministers emerged from their closed door talks. OPEC's internal production watchdog committee, had recommended that OPEC maintain its current production targets, Iranian Oil Minister Gholamhossei Nozari, who chairs the committee, said earlier today.

Oil prices are ``very high'' and ministers should respond, as energy costs increase and mortgage losses slow the economy, U.S. Energy Secretary Samuel Bodman said yesterday in Washington.

OPEC President Mohamed al-Hamli said speculation, refining bottlenecks and political events are partly to blame for high oil prices, not a lack of OPEC crude.

Market Expectations

Twenty-three of 42 analysts in a Bloomberg News survey this week, or 55 percent, had expected OPEC members to maintain output at current levels. The rest expected an increase of between 500,000 and 750,000 barrels a day.

Libya's top oil official, Shokri Ghanem, said yesterday he was more concerned about fluctuations in the value of the dollar than oil prices, which he called ``reasonable'' in real terms.

Oil-exporting nations are paid in U.S. dollars. Most OPEC members have resisted calls by Iran and Venezuela for the group to price oil in other currencies.

Twelve OPEC members pumped 31.14 million barrels of crude a day in November, according to Bloomberg estimates published yesterday. The 10 members subject to quotas collectively produced 168,000 barrels a day less than allowed under their official target for Nov. 1. Ecuador rejoined OPEC today, becoming its 13th member.

OPEC's Feb. 1 meeting will be followed by another on March 5, also in Vienna.

To contact the reporters on this story: Ayesha Daya in Abu Dhabi at adaya1@bloomberg.netMaher Chmaytelli in Abu Dhabi at mchmaytelli@bloomberg.net

Last Updated: December 5, 2007 08:24 EST