OPEC is widely expected to maintain its official oil production quota when it meets this week, analysts have said.
It is believed that the organisation will keep its official quota at 24.84 million barrels a day when it meets on Wednesday.
“At the next OPEC meeting, changes in policy will not be necessary,” Ecuadoran oil minister Germanico Pinto was reported by AFP as saying.
The International Energy Agency has said that emerging markets are driving growth in oil demand this year, with a particular boost coming from China. However, the IEA also stated that demand for oil would not recover in advanced economies overall in 2010.
In OPEC’s latest report the organisation said: “World oil demand has been highly dependent upon the world economy, supported by government-led stimulus plans.”
“These stimulus plans have already done a great job of jump-starting many sectors of the economy, including energy. However questions remain as to how long governments will be able to afford supporting their economies,” it added.
