OPEC Will Consult with Ministers Friday if Prices Remain High

OPEC’s president Monday said he would start consulting with other ministers about raising the group’s output ceiling 500,000 barrels a day if high prices continue.

Sheikh Ahmad Fahad Al Sabah, who is also Kuwait’s oil minister, said the Organization of Petroleum Exporting Countries is willing to raise OPEC’s ceiling from 28 million b/d to 28.5 million b/d, if needed.

“If the prices continue to the end of the week (Friday) at the same level, I will start consulting with my colleagues about releasing the 500,000 b/d,” he told reporters at parliament.

OPEC last week agreed to raise its output ceiling by 500,000 b/d and give the president the authority to start consultations on another 500,000 b/d hike should prices remain high.
RigZone