OPEC steers steady course for Vienna meeting

GENEVA (AFP) – The Organisation of Petroleum Exporting Countries appeared set to keep production quotas unchanged at its regular meeting on Monday, but a recent dip in oil prices is fuelling speculation about future shifts in output.

OPEC ministers have signalled in recent weeks that they see little reason to cut output or change the group’s official production quota of 28 million barrels day, a 25-year high, before the end of the year.

“Despite the recent fall in oil prices, the current OPEC President has recently stated that the current price is ’satisfactory’ for its members and sustainable in that it doesnt harm economic growth,” analyst Kevin Norrish of Barclays Capital underlined.

The 11 members were pumping out 29.5 million barrels per day (bpd) in July, a decrease of 0.2 million bpd from the previous month but still well above their joint quota, according to the cartel’s most recent monthly report.

AFP