Wednesday, May 25th | 24 Iyyar 5782

March 8, 2011 2:31 pm

OPEC Vows to Pump More Oil, Prices Drop

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Photo: Phil Champion

Reuters – Oil prices fell on Tuesday after Kuwait’s oil minister said OPEC was considering the first official production boost in more than two years to ease anxiety about Libya’s supply disruption and the potential for other disruptions in the region.

The Organization of the Petroleum Exporting Countries has not changed its official policy, though analysts have said the producer group’s output has informally risen for months and Saudi Arabia has offered to help make up for Libya’s shut output, estimated at about 1 million barrels per day of its normal 1.6 million BPD.

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