The President of OPEC and Venezuela Energy Minister Ali Rodriguez, said Tuesday that OPEC will add 500,000 barrels on Monday if its price band mechanism is triggered in the coming days, news agencies reported.
Rodriguez added that OPEC will set off the price band if the price of the OPEC basket of cruds remains above $28. "If the price remains above $28 per barrel for 20 consecutive trading days, we will increase production," said Rodriguez.
Rodriguez, said that any increase under the price band scheme would be applied immediately and that the cartel would not wait for its scheduled November 12 ministerial meeting.
According to OPEC's price band system, production will be boosted by 500,000 barrels a day if the OPEC basket of seven crude oils exceeds $28 a barrel for 20 consecutive trading days. - (petroleumworld)
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