The Organization of Petroleum Exporting Countries (OPEC) plans to increase its oil output by 1 million barrels per day (bpd) by the end of 2004, in response to a surging global demand, the Times of Oman reported Saturday.

OPEC sources told the business daily that the 11-member cartel is considering lifting up its output further this month, after agreeing at a Beirut meeting in early June to increase production to 25.5 million bpd in July and to 26 million bpd in August.

The organization is scheduled to meet in Vienna on Sept. 14 to discuss whether there is need to increase production, the sources said.

OPEC holds, at present, a spare production capacity of around 1 million to 1.5 million bpd, which will allow an immediate additional output increase, the sources were quoted by the daily as saying.

The combined proven crude reserves of all OPEC members, including Iraq, stand at over 891 billion barrels.

Source: Xinhua