18 November 2013, Lagos – Kuwait Oil Minister, Mustafa al-Shamali, has said the Organisation of Petroleum Exporting Countries (OPEC) is not expected to change production at its next ministerial meeting on December 4.
“I don’t expect it to be changed because the production till now goes with the needs of consumers and that’s enough,” AFP quoted Shamali to have said.
“I think it won’t be changed,” he said, but added that the decision will ultimately depend on a review of statistics by ministers of the 12-member organisation at the meeting in Vienna meeting early next month.
The Kuwaiti minister also said the Gulf state was pumping around 2.9 million barrels per day but has a production capacity of 3.2 million bpd.
OPEC last week increased its forecast for oil demand growth in 2013 on expectations of better-than-expected improvement in developed country economies. It said in its November monthly report that demand would average 89.78 million barrels per day (mbpd) in 2013, a slight 0.04 mbpd increase from last month’s forecast.
OPEC, pumping about 35 per cent of the world’s oil supply, however held its forecast for demand growth in 2014 at 1.04 mbpd, with total demand expected to reach 90.78 mbpd next year.