The Organization of Petroleum Exporting Countries kept oil production targets unchanged at a meeting Friday in Vienna, rebuffing a request from President Bush to increase output.
Many members of OPEC have said current high oil prices are the result of speculation by investors, not a shortage of oil on the market.
Oil producers are also concerned that economic problems in the United States could depress demand for energy, which would push down the price of oil.
OPEC pumps about 40 percent of the world's oil, while the United States is the world's largest economy and energy consumer.
