OPEC to increase output in Oct if prices hike further

OPEC Secretary General Rilwanu Lukman said in Jakarata on Wednesday that the organisation will increase oil production again in October if prices continue to spiral.

“If during the month of October prices remain stubbornly high, then we will do something in October, if necessary,” Lukman told a press conference.

“We stand ready if necessary to put an extra 500,000 barrels within October,” he said. “If the markets continue to be strong, stronger than we want ...We are going to do something before the 12th of November (the next scheduled OPEC meeting). We don't need a meeting,” he further added.

Rodriguez told Globovision Television on Tuesday that the CARTEL could pour another 500,000 barrels of oil into the marketplace in the next 20 days if prices do not fall.

Bureau Report