Opec likely to cap production at meeting

OPEC is producing more than its ceiling

OIL nations meeting next month may be more willing to cap production at current levels rather than cut output, according to Suhaimi Ilias, group chief economist, Maybank Investment Bank.

“It is possible that the Organisation of Petroleum Exporting Countries (Opec), perhaps together with the likes of Russia, may cap output at current levels at next month’s meeting (in Algeria from Sept 26-28) but we are less optimistic of a cut in output,” said Suhaimi.