TEHRAN, Aug. 11 (UPI) -- Major oil-producing nations in the Persian Gulf region should maintain current output quotas, officials said at a meeting in Tehran Monday.
Organization for Petroleum Exporting Countries President Chakib Khelil said during a visit to Tehran Monday that all OPEC members, "except for Iraq and new members who are outside the OPEC quota," should keep production at agreed levels, the Iranian al-Alam said.
Crude prices soared to $116 briefly in Monday trading before settling back to $113 in the morning session.
Market analysts said concerns over supplies from the Caucasus region prompted a rise in energy prices.
Russian troops moved into the breakaway Georgian republic of South Ossetia, striking Monday within miles of the Baku-Tbilisi-Ceyhan oil pipeline, the second-longest oil pipeline in the world.
