Some Organisation of Petroleum Exporting Countries members will seek better compliance with quotas rather than a change in output levels at the group’s upcoming production policy meeting in Angola later this month, Arab oil ministers said yesterday.
Kuwait’s oil minister said he isn’t happy with current Opec member compliance levels of about 60% and will call for greater adherence.
“We want to see at least 65% to 70% compliance,” Sheik Ahmad al-Sabah told reporters in Cairo, where he and other Arab oil ministers are attending an Organisation of Arab Petroleum Exporting Countries (OApec) meeting.
Opec members will meet in the Angolan capital Luanda on December 22 to decide on production policy, which has remained unchanged in 2009 since the group cut production last year as oil prices slumped and global demand dropped with the onset of the world’s longest recession since World War II.
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