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July 25, 2008 5:13:29 PM CDT

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OPEC Surprises Market With Boost in Oil

Posted Sep 11, 07 8:36 PM CDT in US,  Business,  World 

(Newser) – OPEC surprised traders today by boosting oil production for the first time in a year, Bloomberg reports. Concerns over the U.S. market crisis dragging down the world economy inspired the spike of 500,000 barrels a day. The US reportedly prodded Saudi Arabia to overcome the opposition of other OPEC members and lead them to set a new target of 27.2 million barrels a day.

Algeria, Venezuela and Iran opposed the hike, saying it could trigger a dramatic decline in oil prices. One executive countered that the decision "improves the credibility of the organization because it shows they recognize demand,” and will “do something to avoid the market overheating.” But demand may not be met, as crude oil rose 74 cents to a record high of $78.23 today.

Source Bloomberg

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Venezuela's Minister of Energy and Petroleum Rafael D. Ramirez talks to journalists prior to the start of a meeting of oil ministers of the Organization of the Petroleum Exporting countries at the OPEC's...   (Associated Press)
Secretary General of the OPEC conference Abdalla Salem El-Badri from Libya speaks during a news conference after a meeting of oil ministers of the Organization of the Petroleum Exporting countries at...   (Associated Press)
Overview of a meeting of oil ministers of the Organization of the Petroleum Exporting countries at the OPEC's headquarters in Vienna, on Tuesday, Sept. 11, 2007. (AP Photo/Ronald Zak)   (Associated Press)
Angola's Minister of Petroleum Desiderio Costa laughs prior to the start of a meeting of oil ministers of the Organization of the Petroleum Exporting countries at the OPEC's headquarters in Vienna, Tuesday,...   (Associated Press)
Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi from Saudi Arabia laughs prior to the start of a meeting of oil ministers of the Organization of the Petroleum Exporting countries at the...   (Associated Press)
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