OPEC have come out to refute claims by Morgan Stanley that they will raise output targets at this week's meeting in Vienna
The cartel's present production rate is around 31 million barrels per day and the group forecasts the call on OPEC stocks to rise to 30.5 million bpd in the second half of the year, the bank said in a note today ahead of OPEC's June 5 talks.
Both are higher than the group's output target of 30 million bpd, which has remained unchanged for several years.
One OPEC delegate said there was no need to raise the target.
"You see that OPEC is already producing higher than 30 million bpd"
An official from an African OPEC country, asked about the possibility of raising the target, said:
"I am not so sure that it will be adopted. It sounds unlikely now that OPEC countries are struggling with an excess of supply from them and non-OPEC countries."
Livesquawk reporting
Brent not enjoying its day at the office and is currently on session lows at $64.45
