OPEC oil output to go unchanged: Kuwaiti gov.

The Organization of the Petroleum Exporting Countries may maintain its current oil production of over 30 million barrels a day at its next meeting in June, says Kuwaiti official.

Kuwait’s OPEC governor Nawal Al-Fuzaia said Tuesday, “I think so because there is less than two months, removing weekend and summer time, before the next OPEC meeting,” adding, “I don’t think there would be a big change in the oil market supply/demand in this time.”

The cartel’s president and Nigerian Oil Minister Diezani Alison-Madueke had suggested an early meeting could be convened, should oil prices continue to fall, but so far they have not.

Crude oil prices have fallen to about half of their peak in June 2014 when Brent was trading at $115 per barrel. OPEC’s refusal to reduce output in November brought the prices down below $50 per barrel.

OPEC has said it believes the oversupply, as much as 1.5 million barrels per day, will evaporate as oil demand picks up and US oil production growth slows, with companies drilling fewer wells.

Kuwait's OPEC governor said however that she did not expect oil prices to go below $40 a barrel. Brent crude is currently at about $58.

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