OPEC decided Wednesday to raise its official output by one million barrels per day from November 1, Iranian Oil Minister Bijan Namdar Zangeneh said.
The increase to 27 million barrels per day was meant as a signal to the oil market that the cartel intends to maintain its current output, the minister told reporters, according to IRNA.
"OPEC is producing two million (barrels) over the official ceiling. Now we have legitimised half of it," he said. Zangeneh said the 11-member cartel has decided to hold its next meeting in Cairo on December 6. (menareport.com)
© 2004 Mena Report (www.menareport.com)
