Opec set to maintain oil quota

VIENNA – Opec was set to keep its oil output quota at a near 25-year high yesterday in a bid to keep the market well supplied while crude prices remain high because of tensions in key energy producers Iran and Nigeria.

Oil futures, which last week shot up to nearly US$64 per barrel in New York trading owing to concern over Iran’s nuclear ambitions and violence in Nigeria, fell Wednesday because of Opec’s expected decision to keep official production at 28 million barrels a day The 11-member Organisation of the Petroleum Exporting Countries, which produces 40 per cent of world crude, was holding its 140th official meeting here yesterday. Ahead of the meeting in the Austrian capital, Opec members Kuwait and Qatar said they believed the consensus among the cartel was to maintain its oil output quota, which has stood at 28 million barrels per day for eight months.The meeting came at a time of market concern that Iran, the cartel’s second-biggest producer of crude, might slash its oil exports if it is hit with UN sanctions over its nuclear programme.- Nampa-AFPAhead of the meeting in the Austrian capital, Opec members Kuwait and Qatar said they believed the consensus among the cartel was to maintain its oil output quota, which has stood at 28 million barrels per day for eight months.The meeting came at a time of market concern that Iran, the cartel’s second-biggest producer of crude, might slash its oil exports if it is hit with UN sanctions over its nuclear programme.- Nampa-AFP