OPEC decided Wednesday to increaseits daily oil production ceiling by 1 million barrels beginning from Nov. 1 to bring down oil prices in the world market to a reasonable level.

Beginning from Nov. 1, members of the Organization of Petroleum Exporting Countries (OPEC) will increase their oil output from 26 million barrels a day to 27 million.

At a one-day ministerial meeting, the ministers discussed the situation in the international oil market and said the growth of world oil demand, the geo-political factors and the fears of supply disruptions around the globe have resulted in high oil prices.

The new ceiling will guarantee market supply, the ministers said, adding that OPEC will strive for market stability to controloil prices within a reasonable level.

OPEC also decided to hold a special ministerial meeting in Cairo, Egypt, on Dec. 10 to define OPEC policy on oil production for the first half of 2005.

Source: Xinhua