The Organisation of<\/span> Petroleum Exporting<\/span> Countries (OPEC) is unlikely to update its obsolete individual oil output quotas when it meets tomorrow, OPEC delegates said, deferring the thorny subject to 2012 or later.<\/span><\/p>\n The group, according to Bloomberg News, last changed its group limit in December 2008, setting quotas for 11 members except Iraq to collectively pump no more than 24.84 million bpd as part of a record supply cut as recession hits demand and prices.<\/span><\/p>\n It never revised the agreement, even though from mid-2009 many members started to raise output as prices and demand recovered. When OPEC at its last meeting in June failed to reach a decision, officials said the 2008 target was no longer valid.<\/span><\/p>\n While OPEC delegates say ministers may discuss at next week\u2019s meeting a new output ceiling closer to actual production including Iraq of around 30 million bpd – new individual quotas are unlikely to be part of any deal.<\/span><\/p>\n \u201cI don\u2019t think they\u2019ll go for individual targets on this occasion,\u201d said Bill Farren-Price, oil consultant at Petroleum Policy Intelligence.<\/span>
\u201cThere\u2019s an unwillingness from some producers like Algeria and Iran to acknowledge their production capacity has slipped since the last agreement was reached three years ago.\u201d<\/span><\/p>\n