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Sitting comfortably on strong oil prices, OPEC crude producers are set to hold their output steady at their meeting in Angola on Tuesday.
The meeting of the Organisation of Petroleum Exporting Countries caps a year of recovery for oil prices which have more than doubled since the cartel set strict quota cuts in the depths of the economic crisis 12 months ago.
Since December 2008 when oil had fallen from a peak of more than 147 dollars per barrel to a low around 32 dollars, major economies have emerged from recession and the outlook for world oil demand has strengthened.
With OPEC members enjoying prices between 70 and 80 dollars in recent months, they will now be looking ahead to the impact of Iraq's developing oil industry on the broader market, as well as the longer-term effect of efforts to reduce carbon emissions to protect the world climate.
OPEC's leading ministers have said they are happy with current prices and agreed that quotas should remain at their current level of 24.84 million barrels per day (bpd).
"Inventories are coming down, the price is perfect, and all investors, consumers, producers are all very happy," OPEC's most powerful player, Saudi Oil Minister Ali al-Naimi, said this month when prices were around 76 dollars.
Oil prices jumped above 74 dollars on Friday, accelerating earlier gains after a report that Iranian forces had taken control of a disputed oil well with Iraq, traders said. Brent North Sea crude for February delivery traded at 74.50 dollars.
