AFP reported that Mr Hani Hussein oil minister of Kuwait said that OPEC will most likely maintain its production at 30 million barrels per day but admitted differences among member countries.

Mr Hussein said that "There are different directions before the OPEC ministerial meeting. But most likely the ministers will maintain the production ceiling at 30 million barrels per day without change.”

OPEC kingpin Saudi Arabia has called for existing output levels to be raised while some other members including Venezuela called for production to be slashed accusing some countries in the Gulf of over-production.

Hussein said that geopolitical, psychological, climatic and the levels of crude stockpiles are affecting the price of oil. Oil was lower in Asian trade Wednesday ahead of the crucial OPEC meeting. The oil markets were also under pressure from growing worries over the economic crisis in Europe despite a massive bailout of up to EUR 100 billion to rescue Spain's ailing banking sector.

Mr Rafael Ramirez oil minister of Venezuelan said that "It will have to be reduced. We estimate that we have an over-production of 3.0 million barrels a day above the ceiling of 30 million barrels per day that was decided in December.”

Source - AFP

(www.steelguru.com)