All is not well within OPEC as the oil cartel focuses on how much crude to pump for the rest of the year.Kurds in Iraq are defying the central government and selling their oil directly abroad. Nigeria is hurting due to shale oil production in the United States, its most important customer.While worrisome for the two countries, such problems may help global supplies. But there is trouble in production, as well. Sales from Iran, normally second only to Saudi Arabia, are severely crimped by sanctions. And internal conflicts and domestic chaos have slashed Libya's exports.The upshot is that OPEC oil ministers are likely to keep their production targets unchanged at their meeting today. While the International Energy Agency, oil consultant to major consuming countries, sees demand rising for the rest of the year, many of the 12 OPEC members are at their production capacity limits.
News On AIR | June 11, 2014 9:12 AM
Production targets likely to remain unchanged at OPEC meet