OPEC on Wednesday accused the U.S. of economic “mismanagement” that it said is pushing oil prices to record highs and rebuffed calls to boost output, laying the blame on the Bush administration.

Oil prices surged for the first time past $104 a barrel after the OPEC announcement and the release of a U.S. government report showing a surprise drop in crude oil stockpiles.

The 13-nation Organization of Petroleum Exporting Countries said it would maintain current production levels because crude supplies are plentiful and demand is expected to weaken in the second quarter.

OPEC President Chakib Khelil told reporters the global market is being affected by what he called “the mismanagement of the U.S. economy,” and that America’s problems were a key factor in the cartel’s decision to hold off on any action.

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