OPEC prepared to up output again in November
Saudi Oil Minister Ali Nuaimi said Sunday OPEC was prepared to up its output again in November, the WAM news agency reported.
"OPEC is ready to go ahead with another rise in its production next November, if the increase decided today does not succeed in damping down the price rise," said Nuaimi after the cartel's decision in Vienna Sunday to raise output by 800,000 barrels per day (bpd).
He said the price control mechanism adopted by OPEC in March, which provides for a rise in output of 500,000 bpd if the basket price for OPEC oil goes above 28 dollars for 20 consecutive working days, remained in force.
"The mechanism is clear and will be applied ... OPEC will review this agreement next November," WAM quoted Nuaimi as saying.
Saudi Arabia, OPEC's biggest producer, wanted the cartel to decide on a rise of one million bpd, while several other OPEC members favoured only 500,000.
The 11 members of the Organisation of Petroleum Exporting Countries agreed to meet again on November 12 to discuss the impact of Sunday's decision on oil prices.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)