Newspaper article The Florida Times Union

Richardson: OPEC to Boost Flow

Newspaper article The Florida Times Union

Richardson: OPEC to Boost Flow

Article excerpt

CARACAS, Venezuela -- After meeting with OPEC's president, U.S. Energy Secretary Bill Richardson said yesterday that he anticipated an increase of 500,000 barrels a day in oil production later this month.

But OPEC President Ali Rodriguez said a decision to boost output would first need approval from the entire 11-member Organization of Petroleum Exporting Countries.

"The will to increase production at the end of the month, if it is necessary, exists within OPEC," Rodriguez said he told Richardson.

However, the decision "will be made with consensus, not in an isolated manner," he said at a separate news conference.

The oil cartel is to meet in Vienna on Nov. 12.

Rodriguez, who serves as Venezuela's oil minister, also said OPEC would only increase its production by 500,000 barrels per day if prices exceed the established price band of $22 to $28 a barrel.

Under the price band mechanism, OPEC increases production by 500,000 barrels per day if its reference crude price stays above $28 a barrel for 20 straight business days. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.