OPEC production ceiling to rise to 27.2 mm bpd from November 1

Oct 31, 2007 01:00 AM

OPEC will raise its production ceiling by 1.4 mm bpd to 27.2 mm bpd, November 1st, from the earlier 25.8 mm bpd.
Informed sources say that based on the OPEC oil ministers' estimate, which is being based on the organization's official production ceiling and members' actual output, OPEC production ceiling will reach 27.2 mm bpd as of November 1, 2007. Iran's share in the production will be 196,000 bpd.

The OPEC members had agreed in their 145th meeting in Vienna in September to raise production by 500,000 bpd as of November 1 to address market demand and balance prices.
Despite OPEC members' efforts to raise the production and calm the market, the prices continue to soar on the markets and they topped $ 93/bbl. The main reasons for the price hike are depreciation of the dollar, the Iraq-Turkey tension, and unrest in Nigeria and the Middle East.

Source: www2.irna.ir
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