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March 7, 2006 9:30 AM, EST

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PEC ministers are likely to leave oil production quotas unchanged when they meet Wednesday, Bloomberg reported.

The cartel, set to meet Wednesday in Vienna, Austria, is meeting to determine its official production ceiling, which has been set at 28 million barrels a day for the past eight months, Bloomberg said.

Eight of OPEC’s 11 member nations have said they expect to keep quotas at the current level. Only Venezuela and Qatar expressed concern about excess supplies, while Iraq is not subject to quotas, Bloomberg said.

Benchmark light sweet crude oil closed on the New York Mercantile Exchange at $62.41 a barrel Tuesday, after topping $63 Thursday and Friday, Bloomberg reported.