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IEA says OPEC unlikely to raise production quotas in June

Oil&Gas Materials 24 May 2011 18:11
The Organization of Petroleum Exporting Countries is unlikely to increase crude production quotas at its June 8 meeting, Bloomberg reported according to Richard Jones, deputy executive director of the International Energy Agency.
IEA says OPEC unlikely to raise production quotas in June

The Organization of Petroleum Exporting Countries is unlikely to increase crude production quotas at its June 8 meeting, Bloomberg reported according to Richard Jones, deputy executive director of the International Energy Agency.

"I would be skeptical," he said today at a press conference in Brussels. "Knowing OPEC politics, it would be difficult to make a decision in June."

Crude markets are "pretty tight" due to production outages in Libya, and the IEA is urging producers to add more supply to the market, Jones said.

"We know they are likely to get even tighter, so we are trying to get people to think ahead," he said. "We are urging all producers to see what they can do. We want them to look at the situation and we are prepared to help too."

The agency's governing board last week said there was a "clear, urgent need for additional supplies" to be added to the oil market.

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