OPEC ministers meeting in Vienna, Austria, have agreed to keep current oil production cutbacks through June of this year to prevent a drop in world prices. 

The cartel, which supplies about a third of the world's oil, decreased production by 1.5 million barrels a day in December in an effort to boost oil sagging prices. 

OPEC officials also expressed optimism that Russia will extend its oil export cuts of 150,000 barrels a day. Russia, the world's second largest oil producer, is not a member of OPEC. 

Oil prices plunged late last year amid a slowdown in global energy demand after the September 11 terrorist attacks on the United States. OPEC Secretary-General Ali Rodriguez told Bloomberg Business news oil producers later may consider other options for the third or fourth quarter of this year. 

Mr. Rodriguez predicts that growth in world oil demand will be modest this year and will depend on the strength of the U.S. economy - the world's biggest energy consumer. 

Some information for this report provided by AFP and Reuters. 

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