OPEC likely to increase oil production

OPEC’s president said today that the group needs to increase its output ceiling now despite oversupply in the crude oil market, and may need to act again as US refineries come back on line and the Northern Hemisphere’s winter looms.

“We think we need to send a message to everybody there will be extra oil in the market – we’ve accepted the idea – to stabilise the price,” said Sheikh Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait’s oil minister.