As the regular meeting of the Organization of the Petroleum Exporting Countries (OPEC) is scheduled for Wednesday; the members led by Saudi Arabia is learnt to push an increase in the supplies in an effort to support world economic growth and bring crude prices back to below $100 a barrel. As the Middle Eastern turmoil creates a complicated set of considerations, the nations have agreed to raise oil production.
Data indicates that economic recovery is being stalled in the West and is a worrying issue for the OPEC?s core Gulf members. “We need to increase by at least one million barrels a day,” a Gulf OPEC delegate commented in Vienna Sunday.
“We’re not happy with current prices.” “We want to meet growing demand in the second half of the year without flooding the market,” said a delegate from another Gulf country.
Oil prices saw a dramatic up and down in May, with the US benchmark seesawing from $113.52 dollars a barrel to $96.91 a barrel. To the sharp fall, the death of al-Qaeda leader Osama bin Laden made a contribution as investors revaluated the oil risks amid the situation in the oil rich Middle East.