OPEC May Boost Output in September
The Organization of Petroleum Exporting Countries is discussing a possible production increase of between 500,000 and 750,000 barrels of oil per day, Bloomberg reported Thursday. This 3.5 percent increase in oil production could help bring down the price of crude oil.
Increases in crude oil costs recently have pushed up the price of diesel fuel and gasoline. An OPEC spokesman told Bloomberg the cartel could decide on expanding output for the first time in two years when it meets next month in Japan. Some of OPEC’s 11 members feel that if oil prices keep rising, the global economic recovery could be threatened, Bloomberg said.
OPEC President Rilwanu Lukman said the cartel's spare capacity could be used to prevent prices from rising above the top end of OPEC's $22-$28-per-barrel target range, Reuters reported.