Opec to boost oil production

Opec will increase the cartel’s oil production by one million barrels a day to meet the global demand for oil, Kuwait’s oil minister said today.

Sheik Ahmad Fahad al-Ahmad al-Sabah said in Vienna that the cartel agreed to the decision to raise output by nearly 4% from November 1.

The decision will increase the Organisation of the Petroleum Exporting Countries self-imposed output limit for all its members, except Iraq, from 26 million barrels a day to 28 million barrels, bringing the cartel in line with actual output, which stands at more than 27.4 million barrels.