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Opec hints it could raise oil supplies for first time in four years

03 June 2011 08:10 (UTC +04:00)

Baku - APA-Economics. Opecâ€™s oil ministers will discuss raising production when they meet next week, the first increase in almost four years and a sign the oil cartel is responding to fears about the economic damage caused by prices above $100 per barrel. The International Energy Agency, the westâ€™s oil watchdog, last month urged Opec to boost output, saying that there was a â€œclear, urgent need for additional suppliesâ€ to cool down oil prices and avoid derailing economic recovery.

With the maintenance season for refineries ending across the globe this month, heralding a steep rise in demand for crude, an Opec delegate confirmed that a formal change in the cartelâ€™s production policy would be discussed at the June 8 gathering.

But analysts and consultants warned that securing agreement at the meeting in Vienna would be exceptionally difficult.