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OPEC loosens ceiling but not pledge to add oil
OPEC approved a two stage increase to raise its production ceiling by 2 million barrels a day next month and 500000 more in August, though it noted it is already producing above its ceiling. The plan aims to calm markets while Iran and Saudi Arabia seek concessions.
MENTIONED IN THIS ARTICLE
Beirut
Lebanon
OPEC
Organization of Petroleum Exporting Countries
Purnomo Yusgiantoro
Indonesia
Saudi Arabia
Iran
Claude Mandil
International Energy Agency
Adam Sieminski
Deutsche Bank
London
United States
United Arab Emirates
Kuwait