Vienna, Austria – OPEC weighed a push by some members Monday to modestly boost its production quota amid stubbornly high oil prices and expectations of a spike later this year in the global demand for crude.
On the eve of today’s meeting of the Organization of Petroleum Exporting Countries, at least seven members – Iran, Iraq, Kuwait, Libya, Nigeria, Qatar and Venezuela – said they believed the markets were amply supplied and suggested the official output quota of 25.8 million barrels a day should stand.
But analysts and officials said some gulf states were pressing for a symbolic increase of 500,000 barrels a day to reassure the markets.
Light, sweet crude for October delivery rose 79 cents to settle at $77.49 a barrel on the New York Mercantile Exchange.
OPEC already is pumping well over its target.
