OPEC Chief Says No Plan to Increase Oil OutputPresident of the Organization of Petroleum Exporting Countries (OPEC) Ali Rodriguez said Wednesday that the oil cartel had no plans to increase production yet, since the prices have gone over its price ceiling only two or three days.Rodrigues, also Venezuelan Energy and Mines Minister, said the cartel's central point in this question is to keep market stabile and OPEC's statistics had shown some overproduction, but the international market hasn't been affected immediately. He said that according to the cartel's estimates, oil prices will keep "stable". If there is a price increase, OPEC has had "corrective formulas". The member countries of OPEC agreed in March on the price band mechanism to stabilize oil market. Under the price target mechanism to keep the prices at between 22 to 28 U.S. dollars a barrel, OPEC should raise or lower output by 500,000 barrels per day (bpd) if prices remain above the band for 20 consecutive days or below the band for 10 days. The oil prices on International markets went over 30 US dollars a barrel on August 16, reaching their highest level in recent years. |
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