OPEC expected to raise output - slightly

Article Abstract:

The Organization of Petroleum Exporting Countries (OPEC) is expected to announce a slight increase in its oil output when members meet in Vienna, Austria, to set six-month production targets. OPEC members have previously indicated that they are willing to increase production by 1 million to 2 million barrels a day. However, it is not clear whether the additional output will be added to OPEC's 23 million-barrel target or to the amount it actually produced, which is about 24 million barrels.

Strategy & planning, Petroleum

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Oil surges despite OPEC vow to pump more

Article Abstract:

Analysts have expressed concern that ever-increasing crude oil prices could lead to a worldwide recession. The decision by OPEC to increase production has not dampened oil prices. The increase in oil prices is attributed to the boom in the world economy resulting in the need for more energy supplies. OPEC ountries are themselves concerned that crude oil prices above $30 a barrel could halt worldwide economic growth which could, in turn, lower their profits.

Production management, Organization of Petroleum Exporting Countries, Crude Petroleum and Natural Gas Extraction, Crude Petroleum

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OPEC holds firm on quota

Article Abstract:

Iraq's decision to halt oil exports has done little to erode OPEC ministers' resolve to cap production to keep oil prices high. The group will study how much oil to produce at a 2-day meeting that starts on Jun 5, 2001, in Vienna, Austria. Iraq is halting crude exports to protest a UN plan that would extend trade sanctions dating back to the Gulf War. Iraq accounts for about 4% of the world's oil production and exports more than 2 million barrels of crude oil per day.

Iraq, Exports

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