OPEC May Reach Decision on Output Hike This Week

The Organization of Petroleum Exporting Countries may decide by the end of this week to increase output by 500,000 barrels a day if ministers agree that demand isn’t being met, OPEC’s president said Monday.

OPEC oil ministers are reviewing the global oil market, and in particular demand/supply figures from May, to assess the supply situation, said Sheik Ahmad Fahad al-Ahmad al-Sabah, who is also Kuwait’s oil minister.

“If they find there is a shortage of supply, I think they will approve the release of a fresh supply of 500,000 barrels a day,” said al-Sabah
Schlumberger