VIENNA, Sept. 11 (Xinhua) -- OPEC decided in a surprise move to increase its daily oil output by 500,000 barrels in efforts to stabilize the jittery market on Tuesday.
The increase will be executed starting from Nov. 2, said the 12-nation Organization of Petroleum Exporting Countries.
The cartel said it decided to keep its commitment to take necessary measures to ensure the sufficient supply in winter, and maintain the stability in the international oil market and the healthy development of world economy.
OPEC secretary general, Abdalla Salem El-Badri, said that the group will closely observe the development of the market and take further measures, if the demands in winter go beyond expectations.
"Our message to the consumer is that we care," he said. "We are concerned, and that is why we increased production," he added.
Saudi Arabia, the biggest oil producer in OPEC, had been pushing hard for the output boost, as some members like Iran and Algeria were opposed to it.
Analysts believed that considering the hurricane impact on oil production at the Gulf of Mexico, and the upcoming demand peak for heating oil in winter in the Northern Hemisphere, the 500,000-barrel increase would only play a symbolic role. Some even predicted tighter supplies in the world market.
The increase will be executed starting from Nov. 2, said the 12-nation Organization of Petroleum Exporting Countries.
The cartel said it decided to keep its commitment to take necessary measures to ensure the sufficient supply in winter, and maintain the stability in the international oil market and the healthy development of world economy.
OPEC secretary general, Abdalla Salem El-Badri, said that the group will closely observe the development of the market and take further measures, if the demands in winter go beyond expectations.
"Our message to the consumer is that we care," he said. "We are concerned, and that is why we increased production," he added.
Saudi Arabia, the biggest oil producer in OPEC, had been pushing hard for the output boost, as some members like Iran and Algeria were opposed to it.
Analysts believed that considering the hurricane impact on oil production at the Gulf of Mexico, and the upcoming demand peak for heating oil in winter in the Northern Hemisphere, the 500,000-barrel increase would only play a symbolic role. Some even predicted tighter supplies in the world market.
