Opec agrees to supply extra oil

Opec has agreed to make available two million extra barrels of oil a day in an effort to reassure markets edgy over supplies for the winter and storms battering refineries along the US Gulf Coast.

    Opec's output ceiling will remain unchanged at 28mbd

    Venezuela's oil minister, Rafael Ramirez, confirmed on Tuesday that the Organisation of Petroleum Exporting Countries would offer the extra oil for three months, and Libyan Oil Minister Fathi bin Shatwan said the organisation's output ceiling would remain unchanged at 28 million barrels a day.
     
    Opec agreed the deal making available its remaining spare production capacity in a bid to reassure consumer countries about energy supply security, Ramirez said.
      
    The offer applies from 1 October for three months. 
       
    Fuel processing capacity in the United States, the world's biggest oil consumer, is running well below normal after Hurricane Katrina disabled some US Gulf refineries.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: How does your country vote at the UN?

    Interactive: How does your country vote at the UN?

    We visualised 1.2 million votes at the UN since 1946. What do you think are the biggest issues facing the world today?

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.