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OPEC To Discuss Supply Increase

19 September 2005 (RFE/RL) -- OPEC, the Organization of Petroleum Exporting Countries, is due today to open a two-day meeting in Vienna, Austria to discuss whether to increase crude supplies to ease near record-high prices.

Reports say ministers from the OPEC member states are expected to discuss raising the 11-country cartel's official output quota by 500,000 barrels per day, to a total of 28.5 million.

Crude prices hit above $70 per barrel after Hurricane Katrina damaged operations of U.S. Gulf of Mexico refineries at the end of August. The price has since fallen, but remains above $60 per barrel.


See also:

"When It Comes To Energy Markets, It's A Small World After All"