Boost to Oil Output examined by OPEC
The oil cartel, OPEC, could boost oil output but has not yet decided to do so, Reuters reported, citing Kuwait's oil minister.
Sheikh Ahmad al-Abdullah al-Sabah told reporters "We are in consultations about a potential output increase" and said Kuwait has not changed its output. Al-Sabah remarked that he is of the view that Saudi Arabia already was boosting production in response to the supply shortfalls from Libya, another OPEC member, Reuters reported.
Kuwait, United Arab Emirates, and Nigeria were joining Saudi Arabia for cooling soaring prices, as per the Financial Times.
Financial Times reported that Kuwait, United Arab Emirates, and Nigeria are planning to ramp up their production by as much as 300,000 barrels a day in coming weeks.
Oil was trading close to $104 a barrel early Tuesday in Asia, off the previous day's gains but still near its highest level since late 2008 as Libya appears drawing closer to civil war.
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This is a great step by OPEC
This is a great step by OPEC and it will surely help economies of the world in getting a sigh of relief after so many hard days.