Saudi Arabia persuaded OPEC oil ministers meeting in Vienna to raise oil output by five hundred barrels per day in a gesture to consumer nations worried about the economic impact of crude at 77 dollars a barrel. After seven hours of talks OPEC officials announced the hard won deal that becomes effective November 1.
Iraqi Minister of Oil Hussain Al-Shahristani says OPEC members looked responsibly on the plan to boost oil production: “OPEC has always been very keen to act responsibly to make sure that the prices do not run off unreasonably and we have always been available to increase the supply to keep the price under control.”
OPEC already pumps thirty million barrels per day into the global market. The views of the Gulf Arab states, especially the world’s biggest exporter Saudi Arabia, are key to OPEC policy decisions.