Opec expected to maintain target

THE Organisation of Petroleum Exporting Countries (OPEC) was today expected to stop short of agreeing a cut in its output quota despite fears of a glut in crude supplies over the coming months.

Traders believe the cartel will instead use its meeting in Algiers to call on members to stick more closely to production limits set in September.

Brent crude prices have hovered close to $30 a barrel since the turn of the year but they traditionally fall in the second quarter as the winter in the northern hemisphere draws to a close.

Opec has been pumping out 1.5m barrels per day more than its 24.5m ceiling over the past month.