OPEC is breaching its production limits the most in six years, signaling the world's biggest suppliers are ready to pump more crude next year as oil rallies toward $100 a barrel.
The Organization of Petroleum Exporting Countries excluding Iraq pumped 26.78 million barrels a day this year, exceeding the quotas by an average of 1.934 million a day, the highest level since 2004, according to data compiled by Bloomberg.
Crude rose 12 percent in 2010 as demand recovered, trading at about $90 for the first time in two years. Options to buy at $100 next December are near a five-month high, according to Bloomberg.
"The ministers generally love existing prices," Cameron Hanover said in a report. "Some insiders have hinted at a quota increase if crude oil prices break above $100 a barrel."
In other Nymex trading in January contracts, heating oil rose 1.6 cents to $2.47 a gallon, gasoline futures added 2.5 cents to $2.33 a gallon and natural gas jumped 5.9 cents to $4.48 per 1,000 cubic feet.
In London, Brent crude rose 70 cents to $91.18 a barrel on the ICE Futures exchange, according to The Associated Press.