Opec Expected to Keep Oil Output Rates Unchanged

6 September 2009 (Last Updated September 6th, 2009 18:30)

Opec is expected to keep production quotas at existing levels at its meeting in Vienna on Wednesday, Iranian Opec representatives have indicated. Apart from Saudi Arabia, Iraq, Qatar, Libya, Iran and Kuwait have all pledged their support for current quotas to remain unchanged. <

Opec is expected to keep production quotas at existing levels at its meeting in Vienna on Wednesday, Iranian Opec representatives have indicated.

Apart from Saudi Arabia, Iraq, Qatar, Libya, Iran and Kuwait have all pledged their support for current quotas to remain unchanged.

Iran, Venezuela and other countries are surpassing their production goals to sustain government earnings, and the states will be motivated to fulfil their agreed limits, a Persian Gulf Opec member said.

Opec’s biggest exporter Saudi Arabia and other Persian Gulf states are pumping near or less than their designated allotment.

The 11 members confined by targets have augmented overall production, leaving their compliance rate with the 4.2 million barrel per day cutbacks consented to in 2008 at about 70%.