Output policy will be unchanged after Opec oil exporters agreed for the same yesterday. The oil exporters agreed as the oil price held near the group's preferred level of US$100 a barrel.

The production target for the rest of the year of the oil-producers' cartel will retain its 30 million barrels per day. Venezuelan oil minister Rafael Ramirez said this after a meeting at Opec headquarters in Vienna.

The group will again meet on December 4. Saudi Arabian oil minister Ali al-Naimi said in the meeting that oil markets in world were in good shape and balanced. But, the U. S. oil boom has sparked competitions for market share in Asia. Moreover, it has led to a rivalry between the top two producers, Saudi Arabia and Iraq.

Now, Opec seems to have a little room to pump more oil. The threat of shale oil was dismissed by Opec a year ago, but it has become a hot topic within the group now. Gulf producers are confident that Opec will easily pump at least 30 million bpd, provide growth at moderate rate for U. S. shale oil supply.

"This is not the first time new sources of oil are discovered; don't forget history. There was oil from the North Sea and Brazil, so why is there so much talk about shale oil now", said the influential Saudi oil minister.