OPEC raises its oil production ceiling for the first time in three years - Best Growth Stock

OPEC agreed today to set its production ceiling at 30 million barrels per day (mbd), which is the first time officially raised its level of pumping from the financial crisis broke out in mid-2008.
The Ministerial Conference 160 Organization of Petroleum Exporting Countries (OPEC) was especially marked by the failure of the previous meeting in June, and partners need to adjust their pumps to the situation in Libya.
The commitment involves keeping officially “the current level of production of 30 mbd, including Libya’s production, now and in the future,” the ministers underlined in the final declaration of the meeting.
The new roof also includes production from Iraq and the supply is that OPEC considers “now required to meet demand”, he told Efe the Ecuadorian minister of industry, Wilson Pastor Morris.
Unless unforeseen, this ceiling should be maintained until June 14, 2012, when ministers meet again in Vienna.
“We will not produce more than 30 million, including Libya, that’s the most important for the market,” said the secretary general of OPEC, Libyan Abdullah El-Badri told a news conference.
He said that Libya is recovering petroleum activity that interrupted during the civil war, pumps and around one million bpd and expected in the next six months back to level at the beginning of the year, from 1.6 mbd. That is, their partners must make room for about 600,000 additional barrels.
“He that is overproducing have to cut,” said Venezuelan Oil Minister Rafael Ramirez, a clear allusion to Saudi Arabia, which since April has increased output by about 1.3 mbd, to more than 10 mbd, partly to compensate for the absence of Libyan barrels.
Ramirez described as “very good” today’s appointment, as the compromise allowed overcome internal differences that caused the failure of the previous conference on 8 June in Vienna.
Then the group was divided into two groups: one led by Saudi Arabia, in favor of raising the offer, and one contrary to shift production, which was, as Saudi Oil Minister Ali I. Naimi, one of the worst meetings of OPEC, in which there was not even a joint statement.
Although today’s decision only formalizes the actual level of the group’s bid is the first time the organization enters into any increase in its goal of pumping from the global financial crisis triggered by the bankruptcy of investment bank Lehman Brothers funds.
Prices of crude oil after record-breaking close to $ 150 in July 2008 after a five-year bull run that led to all producers pumping at full capacity, collapsed in the second half of 2008 to less than $ 40.
OPEC agreed to then withdraw more than 4 mbd, the largest production cut in its history, and set a new quota of 24.8 mbd from January 1, 2009, which has remained in force on the role from then until today .
Unlike the target agreed on Wednesday, the fee does not include Iraqi production (currently about 2.7 mbd)
The price of “black gold” have been recovered and this 2011 annual averages closed with records above $ 100, fueled by the revolts of the Arab spring and other geopolitical conflicts, as the dispute over the Iranian nuclear program.
In the case of the reference barrel of OPEC, its annual average stands at $ 107.47, a brand that beats the previous record of $ 94.45 (average 2008), and above the average of 77.45 registered U.S. dollars last year.