Opec to Propose 500,000 Barrels/D Raise in Oil Production at Meeting on 19 Sep 2005

Opec will propose a 500,000 barrels/d raise in its oil production at the meeting it will held on 19 Sep 2005. This is how it wants to contribute to the deceleration of the growth of oil prices, which increased to a new record of more than USD 70/barrel on 29 Aug 2005. Opec’s president Ahmad Fahd Sabah will suggest that the organization also increase its official production limit within the same range. Its current limit is 28 mil barrels/d. However, in Jul 2005 Opec was mining 30.2 mil barrels/d.