OPEC officials dismissed comments from Wall Street bank Morgan Stanley on Monday that the Organization of the Petroleum Exporting Countries may raise its oil output target when the producer group meets this week. The cartel’s present production rate is around 31 million barrels per day (bpd), and the group forecasts the call on OPEC stocks to rise to 30.5 million bpd in the second half of the year, the bank said in a note ahead of OPEC’s June 5 talks. Both are higher than the group’s output target of 30 million bpd, which has remained unchanged for several years. One OPEC delegate, in Vienna for the group’s meeting, said there was no need to raise the target. “You see that OPEC is already producing higher (than 30 million bpd),” the delegate said. An official from an African OPEC country, asked about the possibility of raising the target, said: […]