OPEC may hike oil output levels for Q3

OPEC might raise its official oil supply limits to cool off prices and replenish lean stockpiles during the third quarter, the United Arab Emirates’ Oil Minister said on Monday.

The cartel, under pressure from the US and other major consumers to hoist output quotas, is pumping well in excess of official limits which it cut from April 1 to counter lower seasonal demand in the second quarter. ‘‘The organisation does not mind increasing production and changing the output ceiling if there is a need, and any alteration would take into account price levels and strategic stockpiles,’’ Obaid bin Saif al-Nasseri said. Cartel oil ministers meet on June 3 in Beirut to discuss world oil markets, which have seen prices for US crude surging above $37 a barrel and international benchmark Brent on Friday hitting its highest level for 3-1/2 years at $35.

Nasseri said, the producers’ group may also also study proposals to raise its official $22-$28 OPEC price band. ‘‘Some OPEC members have proposals about raising the $22-$28price band but have not submitted them officially and this will be discussed i in Beirut,’’ he said. OPEC ministers will also have the chance to discuss market conditions at a meeting in Amsterdam, he said.