Opec to discuss extra oil output
September 19, 2005
Oil-producing nations in the Opec cartel meet in Vienna on Monday ready to increase output by 500,000 barrels per day, following political pressure.
UK Chancellor Gordon Brown has accused Opec of failing to keep supplies up with demand in the face of increased worldwide consumption of oil.
Hurricane Katrina also hit supplies, although prices have fallen from a recent record $70.85 a barrel, to $63.
Opec has warned it must not hurt its markets by creating an oil surplus.
Some member countries such as Venezuela - while backing increased output - doubt whether extra production will ease high fuel prices because of problems with refining capacity.
Delegates will look at a proposal to increase output by another 500,000 to a million barrels a day, a hike of 2-3.5% above the current 28 million barrels per day (bpd).
But Opec head Sheikh Ahmad al-Fahd al-Sabah said many members were worried they would give too much importance to the demands of consumer countries.
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