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OPEC to Boost Official Oil Output
OPEC members agreed Sunday to boost the group's official output of crude oil by 800,000 barrels a day, two oil ministers in the petroleum producers' cartel said.
The decision, reached after four hours of informal talks in Vienna, came amid mounting international pressure on the Organization of Petroleum Exporting Countries to pump more oil to stem surging fuel prices.
The new quota, which will be roughly in line with what many analysts had predicted, will take effect Oct. 1. OPEC members agreed to meet again Nov. 12 to reassess market conditions.
Algerian Oil Minister Chakib Khelil and Qatar Oil Minister Abdullah bin Hamad Al Attiyah confirmed the increase, which adds 800,000 barrels, or 3%, to OPEC's current official production of 25.4 million barrels a day.
Yet the production increase will provide no more than 100,000 fresh barrels of oil to world markets because OPEC members already are producing at least 700,000 barrels above their current quotas, analysts said.
In Washington, the Clinton administration gave Saudi Arabia credit for the OPEC production increase but said it is too early to know what effect it will have on the world oil shortage.
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