OPEC agrees to raise oil output by 800,000 bpd

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OPEC agrees to raise oil output by 800,000 bpd

September 10, 2000 8:17am Source: Reuters

VIENNA, Sept 10 (Reuters) - OPEC ministers on Sunday agreed to raise oil supply by 800,000 barrels daily in a bid to tame runaway crude prices and avert a consumer scare over fuel bills, said Algerian Oil Minister Chakib Khelil.

The Organisation of the Petroleum Exporting Countries lifted production just over three percent, to 26.2 million barrels a day for 10 members, excluding sanctions-bound Iraq.

Ministers said they would review output again at a meeting on November 12.

OPEC's output increase, the third this year, comes amid an international outcry over petrol prices and concerns that high energy costs could trigger inflation and dent world economic growth.

Ministers agreed the extra volumes during a three-hour meeting at the hotel suite of cartel president Ali Rodriguez of Venezuela. They said they will ratify the deal at a formal session at OPEC headquarters at 1400 GMT. ^ REUTERS@

http://finance.individual.com/display_news.asp?doc_id=RTI10a1072reuff&page=news

-- Martin Thompson (mthom1927@aol.com), September 10, 2000


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