Key OPEC Official Says Cuts in Output Unlikely

Citing high oil prices, the president of OPEC suggested that the oil cartel would hold the line on production when it meets Sunday.

"I don't think this is the right time to cut," said Sheik Ahmed Fahd al Ahmed al Sabah, who is also Kuwait's oil minister.

Crude oil for March delivery was $48.78 a barrel on the New York Mercantile Exchange. The price of oil has risen 20% since Dec. 10, when OPEC last met.