Wednesday 8 June 2011

OPEC split over increasing oil production - Maktoob News

Mideast turmoil, a faltering world economy and divisions on whether to raise crude production promise to make Wednesday's OPEC meeting one of the more volatile in recent history.

In the end, the 12-nation group will probably opt to increase output levels to reduce international concerns about the high price of oil. But some influential members are looking to raise the cost of crude.

Indirectly endorsing lower prices, Angolan Oil Minister Jose Maria Bothelo de Vasconselos told reporters Tuesday his country could accept an OPEC decision to raise output targets, "if the market needs more oil." Iraqi oil minister Abdul-Karim Elaibi differed, saying a price of between $100 and $120 a barrel is "reasonable."

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