OPEC to Raise Crude Output in May
OPEC will raise supply to near 25-year highs next month even though it will postpone a rise in formal production quotas until a June meeting.
Kuwaiti Oil Minister and OPEC president Sheikh Ahmad Fahd al-Ahmad al-Sabah has announced a rise inutput of 500,000 barrels per day, to 28 million.
He says in order to guarantee the flow of crude oil to the markets, there will be an automatic increase from the OPEC members without a resolution.
(CRI Apr. 2005)