Iraq,Iran and Libya hope to see their share of Opec output increase in the next few months,but swing pro-ducer Saudi Arabia may boost production first. Opec’s decision to keep its output target of 30mn b/d unchanged at its ministerial meeting in Vienna on 11 June had appeared to be a foregone conclusion.The group’s post-meeting statement notes“the relative steadiness of prices during 2014 to date”,describing this as“an indication that the market is adequately supplied”. But downside risks to the global economy “remain unchecked”,Opec warns,despite projected global GDP growth of 3.4pc this year.While Opec forecasts a rise in global oil demand to 91.1mn b/d this year,up by 1.1mn b/d from 2013,it expects this to be more than offset by a 1.4mn b/d rise in non-Opec supply.
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