Opec steps up oil output by 10%

Opec aims to boost its oil output capacity by at least 10% by the end of next year, in an effort to keep crude prices from rising further, the group’s president said today.

The Organisation of Petroleum Exporting Countries is already pumping two million barrels a day above its output target of 25.5 million barrels, Purnomo Yusgiantoro told a news conference at Opec’s headquarters in Vienna.