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OPEC Unlikely to Change Output Despite Price Surge
April 25, 2011
OPEC members with spare capacity are ready to pump above agreed limits if there is a need, but the producer group is unlikely to formally change output targets at a meeting in June, Gulf delegates told Reuters on Monday.
Top producer Saudi Arabia in February raised output above 9 million barrels per day (bpd), around a million bpd more than its OPEC output limit, in response to supply disruption in OPEC member Libya that drove oil prices to their highest since the record rally of 2008.
But in March, Saudi Arabia scaled back to around 8.3 million bpd, citing oversupply and weaker demand in part because of the earthquakes and nuclear catastrophe in Japan. Its April production figures are not yet public.
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