VIENNA, 1 February 2008 — OPEC yesterday appeared less likely to bow to US pressure and hike oil output at its upcoming meeting here, as Kuwait voiced concern that a US recession could further cool oil prices.

Crude futures had slumped by about 10 percent since New York oil struck a record high of $100.09 a barrel on Jan. 4. US light crude for March delivery dropped $1.47 to $90.86 a barrel by 1:31 p.m. EST (1831 GMT), easing off earlier lows of $89.58 as the US stock market recovered. London Brent crude lost $1.12 a barrel to $91.41 a barrel.

The Organization of Petroleum Exporting Countries, which pumps 40 percent of world oil, was to hold an output meeting today in the Austrian capital.

On the eve of the gathering, most OPEC ministers hinted that they would maintain the group’s official daily output quota, which stands at 29.67 million barrels of oil.

Kuwait’s acting Oil Minister Mohammed Al-Aleem told reporters yesterday in Vienna that OPEC was “a little worried about the impact of a slowdown or a recession in the United States” on oil prices.

“The price, for the time being, has been going a little bit down,” he said.

“Within three weeks, it’s been about $10. We have to see why, what the problem is, and whether it’s going to continue at the same pace.”

Asked what OPEC was likely to do at its meeting today, Aleem refused to indicate whether a hike in output was on the cards, as called for by consumer countries and in particular the United States.

“We’ll hear and see what analyzes have been done” and take a decision based on those analyzes, he said.

OPEC President and Algeria’s Energy Minister Chakib Khelil earlier told reporters that the organization could still today discuss whether a hike would help to support the world economy.

An increase in output would likely send prices tumbling, according to analysts, and in turn reduce revenues for oil producers. Venezuela’s Minister of Energy and Petroleum, Rafael Ramirez, said he would call for a cut in output at OPEC’s scheduled meeting in March should prices continue to fall.

On Wednesday, voiced satisfaction at the present levels of crude supply and demand. “The fundamentals are sound,” Saudi Oil Minister Ali Al-Naimi had told reporters, as he expressed his views on the current demand and supply situation for crude oil.

During a recent visit to the Middle East, US President George W. Bush urged OPEC to increase output at its Vienna meeting to help reduce high oil prices that he says are weighing on an already weak economy.

On Wednesday, the US Federal Reserve trimmed its key interest rate by a half-point to 3.0 percent — its second cut in eight days to help the world’s biggest economy that some say is on the brink of recession. The action came a week after an emergency cut of 0.75 percentage points.

Lower borrowing costs would “help the economy a little bit,” Algerian minister Khelil said yesterday. OPEC’s meeting today is an ‘extraordinary’ get-together that was scheduled at its last official gathering on Dec. 5 in Abu Dhabi.

There, OPEC decided against increasing production, insisting the market was well supplied and that high prices were caused by speculative activity, not a reaction to the actual demand and supply situation.

OPEC comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

Iraq is the only member without an output quota owing to unrest in the country.

The US Energy Information Administration said that American crude inventories had jumped 3.6 million barrels in the week ending Jan. 25.