The Azerbaijan State News Agency

ECONOMY

OPEC TO LIFT OIL OUTPUT QUOTA

16.07.2004 [15:14]
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The increase will become operative on August 1 and will lift nominal daily production by OPEC members to 26 million barrels.

OPEC made the increase by mutual agreement and canceled a planned meeting on July 21 in Vienna, said OPEC president Purnomo Yusgiantoro.

OPEC says it worries that global economic growth and the long-term demand for crude could suffer if prices spike to punishing heights.

However, few analysts expect the increase in OPEC's target to do much to reduce prices from current levels. Most of the group's members are already pumping all they can to satisfy strong demand, and oil markets had already factored the increase into prices.