OPEC May Maintain Oil Output Level at Next Meeting, Kuwait Says

By Ayesha Daya

Aug. 6 (Bloomberg) -- OPEC may decide to maintain current crude output levels when it meets next month in Vienna, Kuwait’s oil minister was cited as saying by state-run KUNA news agency.

Sheikh Ahmed Abdullah al-Sabah ruled out the possibility of the Organization of Petroleum Exporting Countries cutting production further, KUNA said. The current oil price is suitable for Kuwait, he said.

OPEC agreed at three meetings last year that the members with quotas would cut output by a combined 4.2 million barrels a day to 24.845 million in a bid to bolster prices. The group is scheduled to discuss production levels in Vienna on Sept. 9 after leaving output unchanged at two meetings this year.

Crude oil for September delivery fell as much as 78 cents, or 1.1 percent, to $71.19 a barrel on the New York Mercantile Exchange, and traded at $71.30 at 12:50 p.m. Singapore time. Yesterday the contract settled at $71.97, the highest since June 12. Prices have gained 60 percent this year.

To contact the reporter on this story: Ayesha Daya in Dubai adaya1@bloomberg.net