OPEC Does Its Best

OPEC announced that Saudi Arabia, Kuwait, and the UAE could lift oil production by 3 million bpd, but, at the same time, OPEC official suppose that this could only bring down soaring oil prices in the short-term.
Omar Ibrahim, head of the OPEC information department said that the effect from that output increase ?will probably not last longer than 48 hours ... as supply and demand are not really the problem."
Ibrahim said Opec was "concerned about global security and stability ... and we are especially concerned about security in our member countries, including Saudi Arabia and Iraq."
The attacks in Al Khobar sparked fears that world oil prices would shoot up further, though the effect was muted yesterday as major markets were closed for bank holidays.
Saudi Arabia reasserted yesterday its vow to keep the country's taps open and deliver steady supplies of crude.
Saudis already has boosted output to pump more than 9m barrels daily in a bid to tame runaway prices, which threaten to pierce the $40 mark when markets reopen today.
State-run oil giant Saudi Aramco was swift on Sunday to make clear that the shooting spree and hostage taking at Al Khobar had not affected its facilities or personnel.