OPEC considering 500,000 bpd output hike (cri) Updated: 2005-04-03 14:21
The Organization of Petroleum Exporting Countries, or OPEC, will start
consultation on increasing production quotas by a further 500,000 barrels per
day to help cool surging oil prices.
The group's president Sheikh Ahmad Fahd al-Sabah Al-Sabah made the remarks to
reporters on the sidelines of the European-Gulf Energy Seminar, which opened
Saturday in Kuwait.
He said the OPEC will increase its overall production ceiling by 500,000 bpd
to meet expected world demand, adding that for sure, there will be an increase
in the third quarter and fourth quarter this year.
Other particular issues on the agenda during the two-day forum are discussing
oil reserve in Gulf and how to expand energy source and market for European
Union.
During a meeting last month, OPEC ministers decided to raise output by
500,000 barrels per day, to 27.5 million bpd, and had promised to raise it again
by a similar quantity if price levels remained steady.
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