Opec’s oil ministers will consider raising production quotas for the first time in almost four years when they meet in Vienna next week, according to a senior delegate.
With the maintenance season for European refineries ending, heralding a rise in demand for crude, a delegate confirmed that a formal change in the oil cartel’s production policy would be discussed at the gathering on June 8.
Any rise in quotas is expected to be in the range of 1m to 1.5m barrels per day. The present constraints, agreed in December 2008, theoretically bind Opec members apart from Iraq to produce no more than 24.85m b/d.
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