Opec ministers 'decide on no output change'

9 September 2009

A change to crude oil production levels from Opec producers appears unlikely, as ministers at the meeting have voiced their satisfaction with current levels of output.

The organisation's production monitoring committee has recommended no change to output.

Rather than changing output levels, the latest meeting will focus on compliance with current production, Kuwait's oil minister Sheikh Ahmad Abdullah al-Sabah said.

The effect on heating oil prices of this decision remains to be seen, but as the winter heating oil season approaches, demand is likely to rise.

Prices for crude oil rose by approximately $3 in trading yesterday ahead of the meeting.

Saudi Arabia led production cuts following the last Opec meeting in December, bringing output down to around eight million barrels per day.

While each member nation has its own production quota, this has not always been stuck to. Ministers meeting in Vienna will look to find ways to adhere to these quotas more rigorously, various reports suggest.

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