Opec Warns Members to Reign in Production as Next Meeting Looms

摘要

Opec warned on Wednesday that the world is awash in oil and that global crude stocks could rise by 1.1 million barrels per day in the first half of this year, or an additional 200 million barrels, unless Opec members rein in their output. If Opec maintains its current rate of output, the market would see crude surpluses of 700,000 b/d in the first quarter of 2010 and 1.53 million b/d in the second quarter, the group said in its latest Monthly Oil Market Report.