OPEC to Propose 500,000 bpd Output Hike

OPEC President Sheikh Ahmad al-Fahd al-Sabah said on Monday he will propose the cartel raise its output by 500,000 barrels per day when the group meets in September in an attempt to help cool oil prices at record highs.

Sheikh Ahmad, also Kuwaiti oil minister, said he will also propose a 500,000 bpd increase in the group’s official output ceiling at the Sept. 19 meeting in Vienna.
ABC News