Opec Promises to Start Reserve Mining Capacities Around 2 Mil Barrels/D If Necessary
Posted on: Wednesday, 28 September 2005, 15:00 CDT
Opec has promised to start its reserve oil mining capacities in an amount around 2 mil barrels/d if necessary. The organization made the promise at its meeting in Vienna, Austria, in Sep 2005 while hesitating to raise its hitherto mining quotas
. Before the meeting, there was a general expectation that Opec would increase its total quota by at least 500,000 barrels/d. Saudi Arabia repeated at a closed session that it was ready to offer up to 11 mil barrels/d compared to the current 9.5 mil barrels/d. Several countries, including Iran and Libya, were against the raise of the quotas arguing refineries worldwide are working at full output and would not be able to process the additional amount of oil.Source: Access Czech Republic Business Bulletin
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