The majority of the OPEC countries have agreed on rising output ceiling by two million barrels per day ?when necessary".
OPEC President Sheikh Ahmad Al-Fahd Al-Ahmad Al-Sabah said on Monday that OPEC members would discuss ways to put such increase into effect, taking into consideration that OPEC had announced that it has a capacity to produce extra 2 million barrels a day, adding the extra production decision would be officially endorsed by Tuesday.
"We are awaiting any real sign from the market to fulfill its needs," he assured, stressing that oil markets were having sufficient supplies denying any relevant crude shortage.
He also added that the OPEC initiative comes to ascertain its important role in balancing crude prices, stabilizing the market and removing all relevant concerns.
Sheikh Ahmad blamed geopolitical reasons, natural disasters such as Hurricane Katrina, and fears of a potential stop in oil supplies to the market, for pushingop oil prices up, advocating the cartel was not responsible for these factors.
