OPEC to Boost Oil Production Starting Feb. 1

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Last updated at: (Beijing Time) Monday, January 13, 2003

OPEC to Boost Oil Production Starting Feb. 1

The Organization of Petroleum Exporting Countries (OPEC) on Sunday decided to increase oil production of its members excluding Iraq by 1.5 million barrels a day starting Feb. 1.

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The Organization of Petroleum Exporting Countries (OPEC) on Sunday decided to increase oil production of its members excluding Iraq by 1.5 million barrels a day starting Feb. 1.

Ten OPEC member countries will raise the production ceiling from 23 million barrels a day to 24.5 million beginning Feb. 1 in light of the impact of the supply shortfall on price volatility, said a statement issued after an OPEC emergency meeting at its headquarters.

Iraq is excluded from the production hike as the United Nations oversees its oil exports.

"OPEC is trying to send a very strong message that it will do its utmost to stabilize demand and supply," OPEC President Abdullah bin Hamad Al Attiyah told a news conference after the meeting.

The adjusted ceiling will be reviewed at a formal meeting scheduled for March 11, the statement said.

A steep output cut in strike-bound Venezuela and fears of a US-led war against Iraq has pushed world oil prices sharply upward.

For the first time in two years, US oil prices had skyrocketed to 33 US dollars a barrel recently, and it was traded at 31.58 dollars on Friday. The normal price range is 22 to 28 dollars per barrel.

Venezuela, the world's fifth largest oil producer, is leaving a 2-million-barrel vacancy for other oil exporters to fill. Its output fell from the pre-strike level of 3 million barrels a day to 800,000 barrels due to a six-week-old strike.

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