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OPEC agrees to raise output

VIENNA - Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks, according to Reuters News Agency.

After seven hours of talks, OPEC officials announced the hard-won deal, effective November 1. Before the meeting Libya, Algeria and Venezuela were inclined to resist the proposal put forward by Saudi Arabia and its Gulf Arab neighbors.

Posted by Peter C. T. Elsworth  at 5:21 PM to Crude oil market | Permalink

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