OPEC agrees to raise output by 500,000 barrels per day

VIENNA (AFP) – OPEC countries have agreed to pump an extra 500,000 barrels of oil a day from the beginning of November, ministers said on Tuesday.

Ministers said the cartel’s output target would rise by 1.4 million barrels per day in total to 27.2 million bpd, from its current level of 25.8 million bpd.


But this represents a real increase of 500,000 barrels per day from current levels because OPEC was already producing 900,000 bpd more than its output target, ministers said.

“500,000 starting November from current production levels,” Qatari Energy Minister Abdullah bin Hamad al-Attiyah said as a seven-hour meeting between the 12 members of the cartel broke up.

AFP