May 6, 2006	Saturday	Rabi-us-Sani 7, 1427

LONDON, May 5: Opec oil output rose 140,000 barrels per day (bpd) in April to the highest monthly level this year as Iraq and Nigeria boosted exports.

But the Opec members bound by formal quotas failed to pump at their 28 million barrels per day ceiling for the fourth consecutive month.

Output from the Organization of the Petroleum Exporting Countries averaged 29.76 million bpd in April, up from 29.62 million bpd in March.

The 10 Opec members bound by quotas, excluding Iraq, pumped at a steady rate of 27.81 million bpd, according to a Reuters survey of consultants, shippers, industry and Opec sources.

A fall in the flow from the United Arab Emirates wiped out the gain from Nigeria.

Despite OPEC’s efforts, US light crude futures soared to a record of $75.35 a barrel in April, chiefly because of mounting tension between the West and Iran over Tehran’s nuclear ambitions.

Opec ministers conceded they could do little to halt the surge in oil prices when they met informally in Qatar in late April.

There is nothing that can be done about the tension that has been created and until that tension abates, the price will continue to be high, Saudi Oil Minister Ali Al-Naimi said.

The group is already pumping at full throttle, and has seen little demand from refiners globally for more oil.

Saudi Arabia, the world’s largest exporter, kept its output steady at 9.45 million bpd in April.—Reuters