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OPEC approves staged rise in oil production ceiling
OPEC agreed to lift its oil production ceiling by 2 million barrels a day from July and 500000 from August if needed, a two stage compromise amid calls to ease prices. The move aims to calm markets despite analysts noting limited impact on U.S. gasoline costs due to refinery bottlenecks.
MENTIONED IN THIS ARTICLE
Beirut
Lebanon
OPEC
United States
Saudi Arabia
Organization of Petroleum Exporting Countries
Iran
Vienna
Saud
Ali Naimi
U.S. Energy
Spencer Abraham
U.S. State Department
Adam Ereli
Claude Mandil
International Energy Agency
China
U.S
Purnomo Yusgiantoro
Indonesia
Purnomo