OPEC ministers yesterday moved toward consensus on formally boosting the group's oil output. But the move did little to ease concerns that the world's hunger for crude may soon outpace the organization's capacity to feed it.
Nigeria's presidential adviser on oil matters suggested the Organization of Petroleum Exporting Countries was leaning toward backing a Saudi proposal to raise output by 500,000 barrels a day.
"I think there will be a moderate increase," Edmund Dakouru told reporters, adding: "I think everyone will be happy" with a 500,000-barrel daily boost.
The group, however, hasn't settled the timing of the increase, Dakouru said. The Saudis want it to take effect immediately.
More crude will likely reach the market, whatever OPEC ministers decide. Saudi Arabia, the group's major producer, said on Tuesday it would likely pump an extra 500,000 barrels a day even if other members persist in opposing raising the present group ceiling of 27 million barrels daily.
Kuwaiti Oil Minister Sheik Ahmad Fahad Al Ahmad Al Sabah yesterday said his country will also act without OPEC approval if needed to boost output by 120,000 barrels a day.
At a time of stubbornly high prices, such decisions are meant to tell markets that supply is available to meet demand. It is a message that has previously cooled buying frenzies.
Still, beyond sending a psychological signal of the group's readiness to respond to high prices, a formal increase of 500,000 barrels daily would only reflect the realities -- OPEC members now already produce about 700,000 barrels a day above the group's total quota.
In signaling his country would raise output, Saudi Oil Minister Ali Naimi said the intention is "to satisfy the demand that is out there."
But any increase now raises questions about next time. Most forecasts predict even greater world demand in the future.
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