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OPEC president forecasts oil output boost within days
OPEC chief Ali Rodriguez said production could rise by 500000 barrels a day if the basket price stays above 28 dollars for 20 consecutive days, with Monday marking the 16th straight above threshold. He warned against overproduction, while market analysts noted limited immediate price impact and long lead times to raise supply.
MENTIONED IN THIS ARTICLE
Caracas
Venezuela
OPEC
Ali Rodriguez
Organization of Petroleum Exporting Countries
Rodriguez
Morris Burns
Permian Basin Petroleum Association
Burns
Gulf of Mexico
Vienna
U.S
Bill Richardson
United States
Clinton
New York Mercantile Exchange
Odessa
Charlie Hammer