Vienna - An increase of crude oil output by the Organization of Petroleum Exporting Countries (OPEC) is not expected despite continued high world market prices. The oil ministers of OPEC's twelve member states are gathering in Vienna on Tuesday for their regular autumn meeting.
With the exception of Saudi Arabia, all leading members of the cartel, among them Iran, Libya, Qatar and Kuwait, voiced their disinclination to raise production levels in the days ahead of the meeting. Saudi Arabia's silence caused some speculation among analysts that OPEC's largest oil producer might consider breaking ranks.
OPEC President Mohamed al Hamli stressed last week that the cartel did not consider an output increase necessary. There was enough crude oil on the world market and the current high oil prices had different causes outside of OPEC's sphere of influence, he said. Among those being weather conditions, production bottlenecks or price speculation.
Current prices are not too far below the all-time-high of 78.77 dollars reached last August. Despite OPEC's comments, experts believe the prices could be an indication of decreasing crude resources, as OPEC has continuously cut production over the past 18 months.
Demand is growing stronger than predicted as European and Asian economies are exhibiting stable growth.
