OPEC in `Consultations,' Hasn't Decided on Oil Output Boost, Kuwait Says - Bloomberg

OPEC members are holding informal discussions on raising output and haven't yet reached a decision, Kuwait’s oil minister said.

“We are in consultations but not yet decided which direction” to go, Sheikh Ahmad al-Abdullah al-Sabah told reporters in Kuwait City today. Kuwait is still producing at “our quotas,'' he said. ``We did not increase.”

Violence in Libya, Africa’s third-largest crude producer, has cut output by as much as 1 million barrels a day, according to the International Energy Agency. The North African country pumped 1.39 million barrels a day in February, down from 1.59 million the previous month, according to Bloomberg estimates. The Organization of Petroleum Exporting Countries supplies about 40 percent of the world’s oil.