OPEC to Raise Quota by 500,000 bpd
The Organization of the Petroleum Exporting Countries (OPEC) has declared an immediate raising of its quota by 500,000 barrels per day to rein in soaring oil prices.
The announcement was made after the OPEC's ministerial meeting, which decided to increase the production ceiling to 27.5 million barrel per day.
The oil bloc also decided to authorize the cartel president to order an additional 500,000-barrel increase each day, if the prices remain at the current levels or continue to rise.
The meeting opened on Wednesday in the western Iranian city of Isfahan, as soaring prices raised global concerns over oil supply.
Promising to take appropriate and prompt action to meet the market demand, OPEC member states scheduled the next meeting for June 7th.
(CRI Mar. 2005)