OPEC May Offer Every Barrel of Oil Members Can Pump

The Organization of Petroleum Exporting Countries may agree to offer customers every barrel of oil that members can produce, effectively suspending the group’s quota system that has regulated supply for about two decades.

OPEC has 2 million barrels of production capacity idle, Sheikh Ahmad Fahd al-Sabah, the OPEC president and Kuwaiti oil minister, said in an interview in Vienna, where OPEC meets tomorrow. One proposal is for members to offer that full amount to buyers, he said. The other is for an increase in the quota of 500,000 barrels a day, or 1.8 percent.
Bloomberg