Vienna, Jan 11: Opec oil ministers are set to gather in Vienna ahead of a meeting expected to increase production in order to bring down prices in a market pressured by a six-week-old strike in Venezuela and the threat of a US-led war against Iraq. The Opec ministers will focus at their extraordinary meeting tomorrow on a "compromise" output increase of around one million barrels per day (BPD), with Saudi Arabia pushing for a bigger hike, the Middle East Economic Survey (MEES) reported in its edition to appear Monday, monitored in Nicosia.

"In telephone consultations ahead of the Vienna meeting, Saudi Arabia has pushed for a substantial increase in the ceiling, but has faced opposition," the industry newsletter said, adding that spare production capacity within the Opec is now mainly limited to Riyadh and the United Arab Emirates.
Top exporter Saudi Arabia said earlier this week it favoured an increase to bring down crude prices.
"The price has risen, and there should consequently be an increase in production," saudi foreign minister Prince Saud al-Faisal said Tuesday without specifying a figure. Bureau Report