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Opec to maintain production levels.
(From Lloyds List)
Byline: Martyn Wingrove
MAXIMUM oil production from the world's top exporters will continue into the second quarter, allowing refiners to stock up to cover booming demand.
As predicted, the Organisation of Petroleum Exporting Countries decided to keep their wells open to produce as much as required in order to prevent further hikes in oil prices.
Meeting in Vienna yesterday, ministers from 10 of the world's top crude exporters decided to continue pumping out at maximum levels to reap the rewards of high oil prices.
Quotas remain unchanged, allowing Opec members to produce around 30m barrels per day in February, March and into the second quarter.
According to the Centre of Global Energy Studies, the 10 members with quotas were pumping out 28.4m bpd and Opec's other member, Iraq, was producing roughly 1.55m barrels daily.
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