Opec On Autopilot Till June

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). (CONTINUED - 1454 WORDS)