OPEC unlikely to raise output in September: Kuwait


“I doubt there will be a further increase in production,” Sheikh Ahmad Al-Abdullah Al-Sabah told reporters at parliament when asked for comment about similar views by fellow OPEC members about the September meeting.

The minister said demand was still less than supply.

Kuwait would like to see stricter compliance from OPEC members with agreed output curbs, Sheikh Ahmad said. “I would like to see more compliance.”

The Organisation of the Petroleum Exporting Countries (OPEC) agreed cuts of 4.2 million barrels per day to supply last year to match the fall in global oil demand due to the recession.

Last month, members delivered about 72 percent compliance rate, down from 75 percent in May of those cuts, according to a Reuters survey of oil firms, OPEC officials and analysts. OPEC pumps more than a third of the world’s oil.

Oil has more than doubled since the low $ 30s hit during the northern hemisphere’s winter on expectations of an economic recovery that would lead to higher oil demand. But prices are still more than 50 percent below a record high of $ 147.27 touched in July last year.


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