OPEC new oil output ceiling increase takes effect next month: Report

The resolution taken on increasing oil output by 1.5 million barrels per day (bpd), will take effect next month, a statement released by the Organization of Petroleum Exporting Countries (OPEC) said here on Sunday as reported by Kuwait News Agency.

The statement released after wrap up of OPEC's extraordinary oil Ministers meeting said the increase aims at securing adequate oil supplies to the consumers and regaining the demand-supply balance in the international market.

It voiced OPEC's support for Venezuela's efforts to resume oil supplies according to its quota, to the world markets.

The statement indicated agreement to review this output increase in the coming ordinary OPEC meeting slated next March 11.

It said OPEC members reiterated commitment to the new oil output ceiling of 24.5 million bpd instead of 23 million bpd and their concern on keeping prices up to the reasonable levels acceptable to both producers and consumers.

The statement urged non-OPEC producers to keep up cooperation with the OPEC in order to secure interests of the market as well as both producers and consumers.

The new oil quotas, after approval of the increase of OPEC's output ceiling that takes effect next February is as follows in bpd, except for Iraq whose exports are monitored by the United Nations:

State??	New quota	Current quota	Increase
Algeria	782,000	735,000	48,000
Indonesia	1,270,000	1,192,000	78,000
Iran	3,597,000	3,337,000	220,000
Kuwait	1,966,000	1,845,000	120,000
Libya	1,312,000	1,232,000	80,000
Nigeria	2,018,000	1,894,000	124,000
Qatar	635,000	596,000	39,000
Saudi Arabia	7,963,000	7,476,000	488,000
UAE	?2,138,000	2,007,000	131,000
Venezuela	2,819,000	2,674,000	173,000
TOTAL	24,500,000	23,000,000	1,500,000