Azerbaijan, Baku, March 31 / Trend A.Badalova /
The U.S. analytical company Energy Security Analysis (ESAI) believes oil prices on the world market will not reach the level, at which OPEC will increase production quotas.
"I do not expect to see OPEC meet or raise output unless prices really surge to levels over $120 per barrel," Rick Mueller, a department head, wrote Trend in an e-mail.
He said such high prices could threaten the economic recovery and hence oil demand.
Oil prices continue to show growth on the background of the unrest in the Middle East. Following the auction on Tuesday, March 29, the May futures price for WTI rose by $0.81 - up to $104.79 per barrel on the New York Mercantile Exchange. The price of the May futures for North Sea Brent rose by $0.36 - up to $115.16 per barrel on the London Stock Exchange.
The next meeting of OPEC is scheduled for early June. The cartel members believe the market is supplied with oil at full volume today.
The current production quota stands at 24.845 million barrels a day. OPEC has not changed the figure since December 2008.
OPEC's representatives say the current oil prices are at an acceptable level and do not threaten the world economy. The cartel may hold an extraordinary meeting to revise the quotas if the figure reaches $120 per barrel.
"I think oil prices are likely to stay near their current levels, barring further political violence threatening Middle Eastern producers," he added.
Analysts at the U.S. bank JP Morgan do not rule out the possibility that the price of Brent could grow significantly - up to $ 130 per barrel in the second quarter of 2011. The figure may increase on the background of the risk of further hydrocarbon supply violations due to the ongoing conflicts in the Middle East.
