Output from the Organisation of the Petroleum Exporting Countries stood at 29,83 million bpd in February, rebounding from January's 11-month low of 29,52 million bpd, according to the survey of consultants, shippers, industry and Opec sources.

Opec ministers were due to meet in Vienna today, and were expected to continue pumping at almost full tilt in an attempt to prevent prices rising any further.

US light crude oil stood at US$62,32 yesterday.

The price is up over a dollar since the beginning of the year, and went as high as US$69,20 in January on concern of a major interruption in supplies from Nigeria and Iran.

Production from the 10 Opec members bound by quotas, excluding Iraq, rose 50 000 bpd to 28,06 million bpd.

That was 60 000 bpd over the group's official target of 28 million bpd.

- Nampa-Reuters

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