Earlier Wednesday, OPEC's Vienna secretariat published its latest forecasts, including a forecast of average demand for OPEC crude this year of 29.75 million b/d. OPEC sees demand in the second quarter 2013 averaging 28.99 million b/d. This is 1.26 million b/d below actual production as estimated by the Platts survey.
OPEC agreed in December 2011 to set a crude output ceiling of 30 million b/d from January 1, 2012. It did not set individual country quotas. Ministers agreed at meetings on June 14 and December 12 to keep this ceiling in place. The next ministerial meeting is scheduled to take place on May 31, 2013 in Vienna.
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