OPEC's president Sheikh Ahmad Fahd al-Sabah said the cartel members may boost its crude output
OPEC?s president Sheikh Ahmad Fahd al-Sabah said the cartel members may boost its crude output quota by 500,000 barrels a day in May and add another half-a-million barrels in the third quarter to stop record oil prices.
He said on Sunday, that prices should remain within a reasonable range to prevent a slowdown in economic growth.
?Because prices are at a record, we expect to resume discussions this week to add 500,000 barrels a day starting in May."
"Oil prices could reach $60 if the group doesn?t calm the market and increase supply," said Sabah, who is also Kuwait?s Oil Minister. Market fears of supply disruptions were driving up the oil price.
