Price Cooling Way: Extra 400,000 bpd By UAE

Today UAE Oil Minister Obaid al-Nasseri announced that the United Arab Emirates, one or the most important OPEC producers, will lift crude output in June by 400,000 barrels per day above its quota.

Nasseri added that the OPEC should raise its output ceiling by more than two million bpd to cool sky-rocketing crude prices, which have hit a new 21-year high at $42.48 a barrel for U.S. crude.

"In the present circumstances, I believe that the increase must be above two million bpd in order to be effective, but these issues will be discussed when we meet in Beirut," Nasseri said.

These issues are to be discussed tomorrow, June 3, in Lebanese capital.