In their 17thMarch meeting, OPEC members decided to keep their quota at the current level, which has remained intact since December 2008. Oil prices are traded above the $80 mark, while some members of the cartel show concern of an over-supply to the market.
The cartel members exceeded their output limit by 1.9 million barrels last month, supplying a daily doze of 26.8million barrels despite the fact that the official quota states a limit of 24.8million barrels per day.
Last year a 3.7 million cut in production propelled prices upward by 78%, prices peaked at $85.56. The current price fluctuations around the $80 dollar mark were described by the Saudi Arabian Oil Minister Ali al Naimi as beautiful, while the Angolan Oil Minister Jose Maria Btelho de Vasconcelos expressed his satisfactions in prices above $80 but below $90.
For the time being output is exceeding the needed amount by 1.5million barrels, OPEC said, however additional production may be needed as the world recovers from its recent recession. The decision is said to have a 50-50 chance in the next September meeting as expressed by Algeria's Oil minister Chakib Khelil.
Outlook for the future see a boost of 12 million barrels by 2015, while the price of crude predicted to rise to $96.50 at the end of a year, by 2012 it would climb to $104 and by 2014 oil is expected to reach the $150.