OPEC bides time on output boost

The Organization of the Petroleum Exporting Countries earlier this month agreed to raise production quotas by 500,000 bpd and said it would consult on whether to increase them by a further 500,000 bpd if prices continued to rise.

“Oil prices have witnessed fluctuations on world markets in the past two days, which prompted the organisation to take its time in implementing the second increase,” Abdel-Rahman al-Khreiji told Kuwait’s state news agency KUNA in Vienna.