Current Opec crude oil output should be enough to meet growing demand and boost global stocks, the group said today, a possible sign that it could decide to keep supplies steady at its March 5th meeting.
Oil prices climbed to a one-month high above $96 earlier today, drawing closer to the lifetime peak of $100.09 reached on January 3rd.
Opec ministers have repeatedly said the market was well-supplied, attributing oil's rally to an influx of speculative fund money and political tensions in the Middle East.
"Current Opec production at close to 32 million barrels per day should help to further ease market fundamentals, resulting in builds in global inventories over the coming quarters," it said in its monthly oil market report.
Analysts believed this was an indication that the 13-member group would not change its supply policy when it meets on March 5th in Vienna.
"If that is the way they see (the market), then it seems unlikely they will increase or decrease production. Steady is the most likely outcome," said Kevin Norrish, energy analyst at Barclays Capital.
The Organization of the Petroleum Exporting Countries at its February 1st meeting decided to keep its output steady despite calls from consuming nations to boost supplies and ease prices.