OPEC's failure to agree shows that some members have limited spare capacity, JPMorgan Chase & Co. analysts including Lawrence Eagles wrote in a note yesterday. It will be a "stretch" for Saudi Arabia alone to add the 1.9 million barrels a day needed to meet the 30.87 million barrels in third- quarter demand OPEC forecasts for its oil, the analysts said.The International power balance Energy Agency is disappointed that OPEC failed to agree on an increase in output, it said in an e-mailed statement. "Ongoing supply disruptions, as well as the fragile state of the global economy, call for a prompt increase in supply," the Paris-based group said.Brent has advanced 24 percent this year as unrest in the Middle East and North Africa toppled leaders in Tunisia and Egypt and spread to Libya. The fighting in Libya has removed about 1.5 million barrels a day of output from market.U.S. crude stockpiles decreased 4.85 million barrels to 369 million last week, the biggest decline this year, according to the Energy Department. A 1.38 million-barrel drop was forecast, according to the median of responses in a Bloomberg News survey of 14 analysts.Brent crude oil for July delivery was at $118.16 a barrel, up 31 cents, on the London-based ICE Futures Europe exchange. The contract yesterday climbed $1.07, or 0.9 percent, to $117.85. It was the highest settlement since May 4.Proposed IncreaseThe European benchmark contract traded at a premium of $16.73 a barrel to U.S. futures today. The difference between front-month contracts in London and New York reached a record $19.54 on Feb. 21. It averaged 76 cents last year.Saudi Arabia, OPEC's biggest producer, Kuwait, Qatar and the United Arab Emirates were ready to supply more oil to the market, according to Saudi Arabian Oil Minister Ali Al-Naimi. The four shop online 2011 nations proposed a 1.5 million barrel-a-day increase from the current 28.8 million, he said.Libya, Angola, Ecuador, Algeria, Iran and Venezuela were opposed to higher limits, according to Naimi. Iraq is exempt from the targets. The 11 members subject to quotas produced 26.22 million barrels a day last month, 1.375 million more than pledged, according to Bloomberg News estimates.IEA 'Disappointed'
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