OPEC agrees to 800,000 b/d output increase

Click here to enlarge imageThe 11 member states of the Organization of Petroleum Exporting Countries last week put their names to a middle-way agreement that will raise collective output of crude by 800,000 b/d starting next month, although this hike is unlikely to do more than arrest the spiraling oil price in the short term.In advance of the formal announcement of the deal in Vienna last week, Qatar's Minister of Energy and Industry, Abdullah bin Hamad al-Attiyah, confirmed that the increase would take effect on Oct. 1, although he added that a time limit on the hike was "not discussed."During the less than 4-hr meeting, the OPEC heads of delegation also decided to next convene in...

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