OPEC Likely to Raise Output on Pricing

ISFAHAN, Iran – The Organization of Petroleum Exporting Countries will likely raise its output ceiling by 500,000 barrels a day if prices stay at present levels, the organization’s president said Monday.

With OPEC (news – web sites) already overshooting quotas by about 700,000 barrels a day, any such move would mostly have a psychological effect by signaling that the organization is formally ready to pump more in an effort to regulate prices.
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