Opec chief says oil output could be boosted by 15%

Opec, supplier of a third of the world’s oil, has enough spare capacity to boost output by up to 15% if it sees the need, the cartel’s president said today.

The Organisation of Petroleum Exporting Countries is already producing 25.5 million barrels a day – two million barrels above its target – and it could add as much as 3.8 million barrels to global supplies “if necessary,” Purnomo Yusgiantoro said in London