$57 Barrel not price Oil Minister was expecting after annoucing additional 500,000 Barrel output:
3-17-2005OPEC May Consider Another Production Hike
KUWAIT CITY - OPEC will consider another production hike of 500,000 barrels a day if oil prices don't fall in the next 10 days, the group's president said Thursday.
"As OPEC, we will continue to watch the market closely," said Sheik Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait's energy minister.
"We believe that if prices stay as they are in the next seven to 10 days, we will start contacting minister colleagues to discuss the other 500,000 (barrels a day) that the president has the authority (to decide on) after consultations."
OPEC's acting secretary general, Adnan Shihab-Eldin, said Wednesday's closing oil price was not the result the group expected. "Prices should have eased," he said.
Oil prices extended their rise to above $57 a barrel during Thursday's session.
3-17-2005OPEC May Consider Another Production Hike
KUWAIT CITY - OPEC will consider another production hike of 500,000 barrels a day if oil prices don't fall in the next 10 days, the group's president said Thursday.
"As OPEC, we will continue to watch the market closely," said Sheik Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait's energy minister.
"We believe that if prices stay as they are in the next seven to 10 days, we will start contacting minister colleagues to discuss the other 500,000 (barrels a day) that the president has the authority (to decide on) after consultations."
OPEC's acting secretary general, Adnan Shihab-Eldin, said Wednesday's closing oil price was not the result the group expected. "Prices should have eased," he said.
Oil prices extended their rise to above $57 a barrel during Thursday's session.