OPEC Is Ready to Another Oil Output Boost

OPEC announced it would lift oil output and ask other major oil producers outside the group such as Mexico to follow the lead. OPEC has come to this decision in effort to make up for the lost crude exports from sabotaged pipelines in Iraq.
However, analysts believe that pumping the extra oil would overdrive limited spare production capacity and leave a wafer-thin cushion with which to absorb any future supply disruptions.
There were five pipeline attacks in the last five weeks in Iraq.
OPEC would also ask large non-OPEC producers such as Russia and Mexico to cooperate by pumping more oil, OPEC President Purnomo Yusgiantoro said in Jakarta.
But Russia and Norway appear to decline the request , saying they could do little to help.
The director of Russia's Federal Energy Agency, Sergei Oganesyan said, "We are producing as much as we can."
Mexico has not replied yet. The state oil company Petroleos Mexicanos currently produces around 3.4 million barrels a day of crude, of which it exports 1.86 million. It is aiming to raise output to about 3.5 million barrels a day this year.