OPEC to Pump Extra 500,000 bpd From Oct. 31: Kazempour Ardebili
November 1, 2000 - 0:0
TEHRAN Iran's OPEC governor Hossein Kazempour Ardebili said on Monday that the OPEC members will increase output by 500,000 bpd from today.
Ardebili told IRNA that OPEC President Ali Rodriguez notified OPEC member states three days ago that the rise in output will take effect from today.
He said Iran will pump extra 73,000 bpd from tomorrow and Iran's output will stand at 3,916,000 bpd.
OPEC has adopted a mechanism to secure market stability according to which it pumps extra 500,000 bpd when the oil prices gets out of the $22-28 price range for 20 working days.
The 10 states OPEC members currently produce 26.7 million bpd and with the new output hike to take effect from October 31, the output ceiling will stand at 27.2 million bpd.
Iraq, the 11th OPEC member with three million output has been excluded from the OPEC output mechanism.
(IRNA)
Ardebili told IRNA that OPEC President Ali Rodriguez notified OPEC member states three days ago that the rise in output will take effect from today.
He said Iran will pump extra 73,000 bpd from tomorrow and Iran's output will stand at 3,916,000 bpd.
OPEC has adopted a mechanism to secure market stability according to which it pumps extra 500,000 bpd when the oil prices gets out of the $22-28 price range for 20 working days.
The 10 states OPEC members currently produce 26.7 million bpd and with the new output hike to take effect from October 31, the output ceiling will stand at 27.2 million bpd.
Iraq, the 11th OPEC member with three million output has been excluded from the OPEC output mechanism.
(IRNA)