Opec, however, is expected to maintain its formal production limit of 27 million barrels per day at its Wednesday meeting in Isfahan, Iran.
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OPEC Head: Cartel Can Surpass Output Quotas
OPEC's president said that the cartel ministers may agree at the meeting next week to pump above
Sheikh Ahmad al-Fahd al-Sabah, OPEC?s president, said that the cartel ministers may agree at the meeting next week to pump above official output quotas to cool rising prices.
Thus, the Organization will stabilize record crude prices by keeping the ceiling as it is now or "allowing overproduction to continue like it did in 2004?.
Al-Sabah, also Kuwait's oil minister, said some members were now pumping above quotas.
Opec, however, is expected to maintain its formal production limit of 27 million barrels per day at its Wednesday meeting in Isfahan, Iran.
Opec, however, is expected to maintain its formal production limit of 27 million barrels per day at its Wednesday meeting in Isfahan, Iran.
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