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

    World Cup 2018 quiz: How big a football fan are you?

    World Cup 2018 quiz: How big a football fan are you?

    Answer as many correct questions in 90 seconds to win the World Cup with your favourite team.

    The shocking story of Israel's disappeared babies

    The shocking story of Israel's disappeared babies

    New information has come to light about thousands of mostly Yemeni children believed to have been abducted in the 1950s.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.