OPEC price-band trigger spawns output hike again

11/06/2000
The Organization of Petroleum Exporting Countries has agreed to boost oil production by another 500,000 b/d, effective Oct. 31, in a further effort to ease high oil prices.While crude oil futures prices fell in response to the call Oct. 30 by OPEC Pres. Alí Rodríguez Araque to members to boost output, the slide was held to less than $1. Market analysts cited skepticism over the group's ability to further hike production, while they also kept a wary eye on the volatile Palestinian-Israe* crisis.Rodríguez last week wrote to fellow oil ministers suggesting that "steps be taken" to raise OPEC's collective output, by a further 500,000 b/d starting Oct. 31.This repr...
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