OPEC might consider an increase of production in September
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VIENNA - The Organization of Petroleum Exporting Countries (OPEC) could increase its production quotas at its ministerial meeting in September with a "50-50 probability" said on Tuesday the Algerian Minister of Petroleum and Mines Chakib Khelil.
- As before, the minister ruled out the option of an increase in OPEC quotas at the meeting to be held Wednesday at its headquarters in Vienna, saying that such a decision "would send the wrong signal to the market.
"Sooner or later," OPEC could consider up its production quotas, he however said, while stressing the risks still on the global economy.
"Nobody knows, we might have a completely different situation in September, not necessarily in our favour. We could have a recession, it is a possibility that can not be excluded. The problems are many in the banking sector, he said.
"Compliance with quotas is not as important a factor as it was in Oran, at the meeting of December 2008 when oil prices were near $ 30 a barrel, however, has conceded the Minister.
Although OPEC has not formally recovered its production quota, fixed at 24.84 million barrels per day (bpd) since 1 January 2009, it has gradually increased its actual supply. In February, the 11 countries subject to quotas (excluding Iraq) produced 1.86 million bpd more than their official target.
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Ennaharonline/ M. O.
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