The Organization of Petroleum Exporting Countries (OPEC) current president Sheikh Ahmad Al-Fahad Al-Sabah said in Kuwait City Monday he was consulting with OPEC's oil ministers on increasing production by 500,000 barrels per day (bpd). Sheikh Ahmad, who is the Kuwaiti Minister of Energy, made the remarks following a regular session of Kuwaiti National Assembly, the Kuwait News Agency reported. He was quoted as saying that in order to calm down jittery oil prices, OPEC ministers would likely reach a decision about the production increase within this week. The group decided during its Vienna meeting earlier this month to hike the cartel's oil production by 500,000 bpd and authorized Sheikh Ahmad to make another 500,000 bpd increase, whenever necessary, to help stabilize crude prices. Price of US light crude oil broached the 60-US-dollar mark on Monday whereas price of benchmark Brent crude jumped to 58.86 dollars, despite the OPEC's decision to uplift the production ceiling. OPEC is currently producing around 30.3 million bpd.
Source: Xinhuanet
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