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OPEC considering 500,000 bpd output hike
Updated: 2005-04-03 14:21

The Organization of Petroleum Exporting Countries, or OPEC, will start consultation on increasing production quotas by a further 500,000 barrels per day to help cool surging oil prices.

The group's president Sheikh Ahmad Fahd al-Sabah Al-Sabah made the remarks to reporters on the sidelines of the European-Gulf Energy Seminar, which opened Saturday in Kuwait.

He said the OPEC will increase its overall production ceiling by 500,000 bpd to meet expected world demand, adding that for sure, there will be an increase in the third quarter and fourth quarter this year.

Other particular issues on the agenda during the two-day forum are discussing oil reserve in Gulf and how to expand energy source and market for European Union.

During a meeting last month, OPEC ministers decided to raise output by 500,000 barrels per day, to 27.5 million bpd, and had promised to raise it again by a similar quantity if price levels remained steady.

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