Tuesday, July 28, 2015
Current Weather
Loading Current Weather....
Published: Tuesday, 9/11/2007

OPEC agrees on 500,000-barrel-a-day increase in crude oil production starting in November


VIENNA, Austria - OPEC agreed late Tuesday to boost its crude output by 500,000 barrels a day starting Nov. 1, in an effort to calm markets worried that supplies could grow tight by the end of the year.

Omar Farouk Ibrahim, spokesman for the Organization of Petroleum Exporting Countries, said the increase would be based on the group's current production meaning the 12-nation cartel was adding actual oil to the market.

Ibrahim said OPEC agreed to "vigilantly monitor" fluctuations in the volatile global crude market.

Read more in later editions of The Blade and toledoblade.com

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Points of Interest