Crude Oil, Gasoline Plunge as OPEC Pledges to Boost Production

““This decision is disappointing because 2 million barrels a day doesn’t even cover what OPEC is actually pumping now,” said Chris McCormack, a broker with ABN Amro Inc. in New York.

As OPEC members are already producing above their limits, the increase in quotas may add only 800,000 to 1 million barrels a day of crude oil to the world market, said Kuwait’s minister, Sheikh Ahmad Fahd al-Ahmad al-Sabah. ”

Bloomberg