Before the crisis, Libya is supplying 1.3 million barrels per day to world oil supply.The oil-producing countries (OPEC) production quota increase will discuss officially for the first time since 2007.This talk is done to help the recovery of the global economy and replace the loss due to reduced production in Libya.
OPEC can mengelontorkan oil "If the markets need it", as presented by the Angolan Oil Minister Jose Botelho Thursday de Vasconcelos told reporters in a meeting in Vienna, as reported to AFP.
Intergovernmental Group that supplies 40 percent of the needs of the oil, will announce how much increase in the quota after a meeting of the 12 countries members in Vienna.
OPEC production pegged targets at 24.84 million barrels per day since January 2009, but the cartel is producing overcome limits specified to replace supplies from Libya were at a standstill because of the crisis in that country.
Consumers of oil asked OPEC to raise oil production amid fears of an increase in the price of oil – Oil Brent above $ 100 a barrel--which could affect the global economic recovery.
The price of crude oil jumped to about 21 percent since the beginning of this year, following the riots that occurred in the Middle East and North African countries.
The riots that occurred in Libya which is a member of OPEC, happened since last February, leaving 1.3 million barrels of oil per day decreased from world oil markets.
Every day Libya produced 1.4 million barrels per day, before a crisis occurs.
Officials in Saudi Arabia that is supported by oil producers such as Kuwait and the UAE, urged that the production increased to 1.5 million barrels per day, despite getting a rejection from Venezuela, Iraq and Iran--which holds the rotating Presidency of the organization.
