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OPEC is more likely than not to keep its oil production at current levels when ministers next meet in Vienna in early June, Kuwait’s OPEC Governor Nawal al-Fuzaia says. With just a few months to go before the next scheduled meeting, she does not expect to see any dramatic changes to supply-demand balances that would necessitate a shift in the producer group’s policy.
Kuwait has stood firm in support of the Saudi-led decision at the last OPEC meeting on 27 November to maintain the production ceiling for its 12 members at 30mn b/d, despite the start of what become a rout in oil markets. Prices currently languish below $60/B, little more than half the mid-2014 high of $115/B for front month Brent. OPEC’s average monthly output, according to MEES estimates, has remained above 30mn b/d every month since November: 30.26mnb/d in February, up 30,000 b/d on January (MEES, 6 March).
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