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IRAN: OPEC TO RAISE PRODUCTION CEILING BY 500,000 BPD - OFFICIAL.
IPR Strategic Business Information Database, September, 2005
According to "Tehran Times", OPEC is to add 500,000 bpd more to its production ceiling by end of this month, said an OPEC official. The OPEC Secretariat official said that officials of 11 OPEC members are negotiating a 500,000 bpd boost in the output of the organization to balance prices on the markets.
The source said the OPEC's official production ceiling stands at 28,400,000 bpd but the members are overproducing by more than 1.5 million bpd. Kuwaiti Oil Minister and the OPEC president Sheikh Fahd Ahmad al-Sabah confirmed the ongoing consultations on the output increase, saying with approach of the cold season, demand for crude will rise on the markets and the OPEC is going to raise the ceiling to help build up understanding with consumers. The OPEC president...
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