OPEC Members at Odds Over Output Hike

OPEC members including Venezuela, Algeria and Libya disagree with Saudi Arabia over a proposed raising of oil production, despite a 27% year-to-date increase in the price of oil, as the 12-member cartel meets Tuesday at its Vienna headquarters. Saudi Oil Minister Ali al-Naimi and OPEC President Mohamed al-Hamli (also oil minister for the United Arab Emirates) both declined to comment on the proposal with reporters. Algerian Oil Minister Chakib Khelil said his nation at present doesn't "see sufficient evidence" to support an increase. Venezuelan Oil Minister Rafael Ramirez commented that there is no need to change production quotas. Libya's state-owned National Oil Corp. chief said his nation will support increased production later this year if energy demand remains high. OPEC meets again in Riyadh in November and Abu Dhabi in December. A press conference is scheduled for Tuesday's meeting at 10 a.m. New York time.

Sources: Bloomberg
Commentary: Most OPEC Ministers Say No Increase Needed; Saudi Minister Stays Mum • A 'Total' Shift in the Oil Industry • Oil Market: The Good, The Bad and The Ugly
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