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WEDNESDAY, NOVEMBER 25, 2009
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All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

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(Newser) – With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up output by as much as 720,000 barrels a day.

Another firm said OPEC’s exports would hit 31.573 million barrels a day this month, up 324,000 a day from the previous month. One trader said the news “undermines the building blocks” of the price surge, but added “it won’t be enough to take the $100 target out of the picture.” OPEC leaders meet  Dec. 5 in Abu Dhabi.

Saudi men talk in front of an advertisement during the OPEC (Organization of the Petroleum Exporting Countries) summit in Riyadh in the kingdom of Saudi Arabia on Sunday Nov. 18, 2007. (AP Photo/Hasan Sarbakhshian)
Saudi men talk in front of an advertisement during the OPEC (Organization of the Petroleum Exporting Countries) summit in Riyadh in the kingdom of Saudi Arabia on Sunday Nov. 18, 2007. (AP Photo/Hasan...   (Associated Press)
Ministers pose for a group photograph as they attend the Organization of the Petroleum Exporting Countries (OPEC) opening ceremony in Riyadh, Saudi Arabia, Saturday, Nov. 17, 2007. (AP Photo/Hasan Sarbakhshian)
Ministers pose for a group photograph as they attend the Organization of the Petroleum Exporting Countries (OPEC) opening ceremony in Riyadh, Saudi Arabia, Saturday, Nov. 17, 2007. (AP Photo/Hasan Sarbakhshian)   (Associated Press)
Venezuelan President Hugo Chavez, right, talks with Iranian President Mahmoud Ahmadinejad, during closing ceremony of third OPEC (Organization of the Petroleum Exporting Countries) Summit in Riyadh in kingdom of Saudi Arabia on Sunday Nov. 18, 2007.(AP Photo/Hasan Sarbakhshian)
Venezuelan President Hugo Chavez, right, talks with Iranian President Mahmoud Ahmadinejad, during closing ceremony of third OPEC (Organization of the Petroleum Exporting Countries) Summit in Riyadh in...   (Associated Press)
A section of Tehran's oil refinery is seen, Iran, Saturday, Nov. 17, 2007. Iran's president said Saturday that the Organization of Petroleum Exporting Countries is
A section of Tehran's oil refinery is seen, Iran, Saturday, Nov. 17, 2007. Iran's president said Saturday that the Organization of Petroleum Exporting Countries is "under heavy economic and political...   (Associated Press)
Saudi Arabia's Foreign Minister Prince Saud Al-Faisal, listens to a question from the media during a news conference in end of the third OPEC (Organization of the Petroleum Exporting Countries) Summit, in Riyadh, kingdom of Saudi Arabia, on Sunday Nov. 18, 2007.(AP Photo/Hasan Sarbakhshian)
Saudi Arabia's Foreign Minister Prince Saud Al-Faisal, listens to a question from the media during a news conference in end of the third OPEC (Organization of the Petroleum Exporting Countries) Summit,...   (Associated Press)
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