OPEC Doesn't Need To Meet To release Extra Oil

OPEC's top officials made Thursday a new statement on their intention to pacify the high oil prices.
The United Arab Emirates said it would pump extra 400,000 barrels daily in June, joining Saudi Arabia, with its 700,000 bpd.

The extra crude is being pumped irrespective of any formal decision by the cartel.

Saudi Oil Minister Ali al-Naimi said the kingdom's oil facilities were "very secure" but that more crude could not be guaranteed to bring down prices.

Today, at its conference, OPEC will be considering lifting supply quotas by 2-2.5 million barrels daily, 8-11 percent.

OPEC President Purnomo Yusgiantoro said cartel production already is running at least 2.3 million barrels daily above formal quota limits of 23.5 million bpd.