OPEC likely to maintain output at current level

The 138th Ministerial Conference of the Organization of the Petroleum Exporting Countries (OPEC) started in Kuwait on Monday, during which the OPEC producers are likely to maintain the current crude output ceiling.

Some key OPEC members have expressed inclination to keep the present level ahead of the ministerial meeting.

Saudi Oil Minister Ali al-Nuaimi said before Monday's meeting that OPEC members were in a general agreement to maintain the current daily production quota at 28 million barrels per day (bpd), while OPEC President and Kuwaiti Oil Minister Sheik Ahmed Fahd Al Ahmed Al Sabah said such an idea was very popular within the OPEC.

Sheikh Ahmad said on Sunday that OPEC would review its former decision on raising the current oil supply to the world market with extra two million bpd.

He explained that the additional two million barrels offered to the market over the past three months were not produced for any consumer.

OPEC now pumps more than 30 million barrels of crude a day with an extra 2 million to meet strong world demand in the winter season.

The conference will also elect a new president of the 11-member cartel. Usually the current vice president, Nigeria, will succeed to the post.

This is the second time Kuwait hosts the OPEC meeting, the first being the 12th conference in 1966.

Source: Xinhua