OPEC President: OPEC-11 to Produce 30.3M B/D Until 3Q – Report

The Organization Of Petroleum Exporting Countries is currently pumping 30.3 million barrels a day of oil, up 600,000 b/d from last month, and it will continue at these levels until the third quarter in a bid to maintain price stability, the group’s president said Tuesday.
The official Kuwaiti News Agency reported OPEC President and Kuwaiti Oil Minister Sheikh Ahmed Fahad Al Sabah saying the 11 members of OPEC have from the beginning of this month been producing 30.3 million b/d, while last month OPEC- 11 had been pumping 29.7 million b/d.

“Due to market demand, we must continue producing 30.3 million b/d until the third quarter to stabilize oil prices,” the minister told reporters at parliament.

The minister was clarifying previous statements that had attributed the 29.7 million b/d figure to OPEC-10, the 10 members of OPEC excluding Iraq, which isn’t bound by the producer group’s self-imposed quotas.

OPEC meets next month to discuss output policy at a meeting in Vienna.

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