OPEC May Not Boost Crude Oil Output Levels

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PEC may maintain current crude oil production levels and wait for increased demand before pumping more oil, Bloomberg reported Monday.

Meanwnile, crude oil prices rose in intraday trading Monday on reports of a new tropical storm, Rita, that was gaining strength and heading toward Florida. (Click here for related coverage.)

Benchmark light sweet crude oil futures were up $3.40 to $66.40 a barrel on the New York Mercantile Exchange at midday, Bloomberg reported.

OPEC ministers, meeting in Vienna, Austria, said the group has 2 million barrels per day of extra capacity available for sale but one cartel minister told reporters the group should not raise its output because the market does not need more supply, Bloomberg reported.

Saudi Arabia, the world’s largest oil producer, has already offered to produce 11 million barrels a day, its full capacity, Bloomberg reported. It is now pumping about 9.5 million bbd.