Thursday, Jun 14, 2012
VIENNA--The The Organization of Petroleum Exporting Countries is seeking to tighten its members' reporting in the wake of oversupply worries, delegates with the group said Thursday.
OPEC on Thursday agreed to maintain its existing oil-production ceiling but also pledged to rein in overproduction after some members complained that a glut of oil could lead to a price crash.
"They are setting up some sort of committee to monitor output," one delegate said. The group is currently producing 1.6 million barrels a day above its ceiling.
Another delegate said the group was concerned that some members are providing information with a one-month delay and with strong differences with secondary data--making levels of overproduction difficult to assess.
The matter was discussed at OPEC's ministerial monitoring subcommittee Tuesday, the delegate said.
"OPEC wants authentic data and quicker," the delegate said. "It wants to fast-track reporting by members and compare it with secondary sources," the person added.
Write to Benoit Faucon and Summer Said at benoit.faucon@dowjones.com
(END) Dow Jones Newswires
14-06-12 2212GMT
