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Opec output rises

Opec output rises
The Organization of the Petroleum Exporting Countries' compliance with production targets dropped to the lowest in a year last month as output rose.

The Organization of the Petroleum Exporting Countries' compliance with production targets dropped to the lowest in a year last month as output rose.

The Organization of the Petroleum Exporting Countries' compliance with production targets dropped to the lowest in a year last month as output rose.

Production from the 11 members bound by quotas rose to 26.681 million barrels a day in December, from 26.613 million a day the previous month. Their compliance rate with targets slipped to 56 percent, from 58 percent in November. The organization kept its 2010 forecasts for demand and non-OPEC supply mostly unchanged.

OPEC, responsible for about 40 percent of global crude supply, announced a record production curb in December 2008. The group's adherence to output targets has since waned as consumption revives and prices gain.

OPEC will next meet on March 17 in Vienna. Qatari Energy Minister Abdullah bin Hamad al-Attiyah said in Abu Dhabi on Monday that OPEC is unlikely to increase production targets this year because the market is sufficiently supplied.

www.TurkishMaritime.com.tr

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