Opec is warming to Saudi supply increase
(MEBG) – Statements made this past weekend by Opec Secretary General Rilwanu Lukman suggested that the oil cartel is warming to a Saudi plan for an increase in crude supplies. Earlier, news of the Saudi’s plan drawn angry responses from Opec members.
Oil officials in Riyadh have been sounding out other oil producers to see whether others in the cartel might join an output increase. A senior Algerian oil official said that his country, which currently has about 15,000 bpd of spare capacity, would join the production hike if there is an Opec consensus on the issue
"Opec President, Ali Rodriguez, is coordinating among Opec members. There are many signs that show something will happen in the next few days. Algeria will contribute in the increase if there is an Opec consensus,” the Algerian official said.