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IEA : OPEC needs to raise output
Petroleumworld
CARACAS
Petroleumworld.com 06 05 07
IEA Executive Director Claude Mandil said Monday, OPEC must raise its crude oil output in the coming months to ensure an adequate supply."We think there is the need to increase crude output during this summer," Mandil told reporters in Berlin, adding that such a move was needed in part to ensure supply "in case of unexpected events." Mandil said.
Mandil refrain to said by how muxh the Oil Export Organization should increase production, but the agency's montly oil market report report is due next week.
the IEA warned last week, that if OPEC did not increase output soon, lower flows and narrowing gasoline inventories could lead to widespread discontent.
New York's main oil futures contract, light sweet crude for delivery in July, closed up Monday, a hefty 1.13 dollars at 66.21 dollars per barrel. In London, Brent North Sea crude for July delivery soared 1.33 dollars to settle at 70.40 dollars per barrel.
OPEC's, May monthly report, said the organization needed to produce 180,000 more barrels a day between April and June than it forecast the previous month.
26.76 million barrels per day, were produce in May, up 110,000 barrels per day from April, IEA report said, AP reported.For the year, the report said OPEC will need to boost output by a daily 150,000 barrels to 30.4 million barrels a day. It put global oil demand at 85.5 million barrels a day - up by about 100,000 barrels a day over its previous forecast.
Petroleumworld 04 06 07
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