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OPEC countries may increase oil output

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OPEC countries may increase oil output


Leaders of the world’s oil producing countries have been arriving in the Saudi Arabian port of Jeddah for an emergency meeting about soaring oil prices. Oil company executives and the leaders of consumer nations are also taking part in the discussions.

Saudi Arabia has already said it will increase its output to 9.7 million barrels per day in July and some other OPEC countries with spare capacity may also agree to an output rise.

The price of oil has more than doubled in the past year to almost $140 a barrel.

Consumer nations says an OPEC output increase will help to calm runaway oil markets, but OPEC countries blame speculation, the weak dollar, and political instability for the price hikes.

A top Libyan oil official has said there is more than enough crude oil on the market, and supply and demand is not to blame for high prices.

In Nigeria, meanwhile, militants attacked a supply pipeline near a Chevron oilfield, causing production to be cut.

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