OPEC's big Gulf producers have kept the door ajar for an increase in crude exports even though they think world oil supplies are sufficient. Led by Saudi Arabia, core Gulf members are worried that high prices may be exacerbating a downturn in global economic growth, led by a slowdown in the world's biggest oil importer the United States.

"We think we're producing enough oil now to build stocks but we're worried that prices are too high," said a senior delegate in the Organization of the Petroleum Exporting Countries ahead of Wednesday's meeting.

"We may have to send a signal to the market that we're serious about bringing down prices and the only way we can do that it is with an increase, maybe a modest increase."

Saudi and its allies the United Arab Emirates and Kuwait face a tough task in persuading others to support a production increment after a price slide from record highs.

Crude ended down $1.12 at $88.20 a barrel today falling from a record $99.29 set on Nov. 21.

Influential Saudi Oil Minister Ali al-Naimi has been careful not to show his hand.

"All options are open," is all he would say. Price hawks Venezuela and Iran, backed by Libya, are arguing for no change in policy.

"There is no need to do anything now...the market is well supplied," said Iran's governor to OPEC Hossein Kazempour Ardebili.