The United Arab Emirates' Oil Minister Obeid bin Saif al-Nasiri said Saturday he supported an increase of 500,000 barrels per day in OPEC production.
Quoted by the WAM agency, the minister said the "United Arab Emirates favours applying the adjustment mechanism of the OPEC price level allowing for an increase in output of 500,000 barrels a day if the basket price of crude exceeds $28 for 20 straight working days."
"The application of this mechanism is a way to reinforce OPEC's credibility with regard to the market and consumer countries," he said, saying the Emirates was willing to increase its output in line with the mechanism.
On Thursday, the basket price of OPEC oil, which takes account of the seven main crudes used worldwide, stood at $31.14 , up from $30.94 the previous day, according to the cartel.—AFP.
©--Agence France Presse.
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