According to reports, in the course of deciding whether to formally change production quotas, members of the 12-nation Organization of Petroleum Exporting Countries, have agreed more crude is needed.

OPEC, which supplies 40% of the world’s oil, is said to meet on the 8th of June in Vienna to review output targets, after Brent crude gained 21% this year to over $114 per barrel.

Also, JPMorgan Chase stated that Oil producers along with OPEC were not “matching rising demand quick enough, leaving a shortfall in the third quarter” last month when the bank increased its 2011 Brent crude oil price forecast to $120 per barrel from $110”.

However, the Consultants Petroleum Policy Intelligence stated that Saudi Arabia, the world’s largest crude exporter will enhance oil production to nearly 10 million barrels a day this month, to meet “stronger demand from Asian refiners”.

Moreover, an OPEC official from a different Middle Eastern nation, has stated that on the 17th of May ,OPEC is likely to increase production quotas, as prices remain high, which was not taken into cognizance by the organization, in their previous meeting in December.

Also, the 12 member nations include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.