Opec Meets; Saudi Minister Expects Higher Output Ceiling
Charleston Gazette (June 04, 2004)
Author: Bruce Stanley
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BEIRUT, Lebanon - OPEC met Thursday to discuss boosting production to bring down the uncomfortably high prices for crude oil, with the Saudi oil minister saying he expects the cartel to endorse his proposal to lift its output ceiling by 11 percent.
Saudi Arabia, the most influential member of the Organization of Petroleum Exporting Countries, has proposed raising the ceiling to 26 million barrels a day - an increase of 2.5 million barrels. Fellow OPEC members Kuwait, Qatar and Nigeria have backed the Saudi plan.Opec Meets; Saudi Minister Expects Higher Output Ceiling
"There won't be opposition at the conference to this," as 26 million barrels is the group's actual daily production this year, Saudi Oil Ministe...
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