The presidency of the OPEC oil-producing cartel was preparing to announce on Monday a 500,000 barrel-a-day increase in production quotas, the organization's news service reported.
It quoted Venezuelan Oil Minister Ali Rodriguez as confirming that the hike would come into effect under a price-band mechanism which increases output if prices remain above 28 dollars for 20 consecutive days.
"The organization was preparing to announce a 500,000 b/d increase in production on Monday," said the OPECNA news service, from the Organization of Petroleum Exporting Countries (OPEC)'s Vienna headquarters.
An OPEC official could not say when an announcement would be made, or what exactly it would say.
Markets have widely anticipated the announcement, with prices falling at the end of last week in response – VIENNA (AFP)
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