The Organisation of the Petroleum Exporting Countries (Opec) said Friday its members had raised oil production to the highest level since late 2008, in a report that sought to ease concerns about Libya's supply disruption. The 12-country group has not formally lifted its production ceiling since unrest started in its member state Libya in mid-February, driving up oil prices.
But the Vienna-based cartel reiterated that it has spare capacity of nearly 6 million barrels per day (bpd), and that oil stocks are currently at high levels, especially in industrialised countries. "Opec continues to closely monitor oil market developments and stands ready to act, as deemed necessary, to support market stability," the report said. Opec's total output rose by 111,000 barrels per day (bpd) in February to 30.02 million bpd, accounting for some 34 per cent of global production, based on higher Saudi Arabian production, as well as significant added volumes from Angola, United Arab Emirates, Kuwait, Iran and Venezuela.
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