Opec to increase output
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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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Saudi Arabia&#39;s Oil Minister Ali Naimi said the kingdom has raised its capacity to 11 million barrels per day. Kuwait&#39;s Oil Minister Sheikh Ahmad Fahad Al Sabah called on OPEC
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Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) in a bid to curb soaring prices, Oil Minister Ali al-Nuaimi has said.
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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to raise its oil production quota by one million barrels a day from Nov. 1 in a step to soothe market nerves over climbing oil prices.
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Oil prices rise above $63 a barrel after the president of the Opec producers cartel says he favoured another cut in output.
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RIYADH: Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb record prices, Oil Minister Ali Al Nuaimi said yesterday.
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OPEC has agreed to increase its oil output by 500,000 barrels per day from Nov 1, Qatari Oil Minister Abdullah al-Attiyah said on Tuesday, in a gesture to consumer nations' worried by rapidly diminishing fuel stocks and the economic impact of $77 oil.
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NEW YORK, September 16 (New Ratings) - The Organization of Petroleum Exporting Countries (OPEC) has decided to raise its official crude oil output quota by 1 million barrels per day, effective from November 1 this year.
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The Organisation of Petroleum Exporting Countries (OPEC) has reportedly agreed to increase production quotas by 4% or one million barrels per day (bpd), to 27mn bpd.
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OPEC, the source of more than a third of the world&#39;s oil, will discuss raising its output target by as much as 3.8 percent at a meeting today in a bid to lower near-record prices, officials said.
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OPEC will increase the cartel&#39;s oil production by 1 million barrels a day to meet the global demand for oil. Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said the cartel
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Opec members have split on whether their output should be increased in a bid to boost global supply that might cause oil prices to drop.
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NEW YORK - Oil and gas futures rose yesterday on expectations the hurricane season will intensify and OPEC won't raise output when it meets next week.
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OPEC may decide to increase oil output  at its February 1 meeting in Vienna if supply is not  sufficient, Indonesia's OPEC governor told Reuters on Thursday.
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Raise prices. Ease production. For weeks ahead of this week's OPEC meeting, hawks in the organization have been talking tough about the need to keep oil revenues high - and lowering output.
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OPEC may decide to increase oil output at its February 1 meeting in Vienna if supply is not sufficient, Indonesia's OPEC governor told Reuters on Thursday.