At a June 3 meeting, the group decided to increase its production ceiling by a total of 2.5 million barrels a day to 26 million b/d in two stages. The second stage of the increase, that was intended to cool prices and meet stronger demand, is effective Aug. 1. OPEC is next scheduled to meet Sept. 15 in Vienna.
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OPEC Won't Pump More Oil
Algeria's Energy and Mines Minister said Tuesday that OPEC is unlikely to pump more oil
Algeria's Energy and Mines Minister Chakib Khelil said Tuesday that OPEC is unlikely to pump more oil even if prices and demand continue to remain high.
Only Saudi Arabia is believed to have any remaining spare capacity in the producer group, industry sources and analysts have said.
Khelil added that non-OPEC as well as OPEC countries were also close to peak production and demand from China and instability in the Middle East had added a premium of around $7-$8 a barrel to the oil price.
At a June 3 meeting, the group decided to increase its production ceiling by a total of 2.5 million barrels a day to 26 million b/d in two stages. The second stage of the increase, that was intended to cool prices and meet stronger demand, is effective Aug. 1. OPEC is next scheduled to meet Sept. 15 in Vienna.
At a June 3 meeting, the group decided to increase its production ceiling by a total of 2.5 million barrels a day to 26 million b/d in two stages. The second stage of the increase, that was intended to cool prices and meet stronger demand, is effective Aug. 1. OPEC is next scheduled to meet Sept. 15 in Vienna.
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