2000 News Story

OPEC meeting in Vienna increases oil production

In Vienna today, the oil ministers of the Organization of Petroleum Exporting Countries (OPEC) increased the production ceiling by 800,000 barrels per day. Following the meeting, Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi said OPEC's new production ceiling now amounts to 26.2 million bpd, and declared that he expects the production increase to push world oil prices down as early as tomorrow. The oil ministers will, however, again review production levels at their next meeting, scheduled for November 12, 2000.