Wednesday, 12 September 2012

OPEC oil output climbs in August

The Organization of the Petroleum Exporting Countries said its production rose by about 260,000 barrels per day (bpd) in August, despite a European Union embargo on Iran's exports, due to higher output from other members of the 12-member group.
OPEC's report comes as the United States and other consumer nations are worried about high oil prices, which have risen to $115 a barrel for Brent crude. Leaders of the Group of Eight major economies have signaled their readiness to tap into emergency oil stockpiles if needed. But OPEC said it saw enough crude oil in the market, a day after similar remarks by its top producer Saudi Arabia which were seen by some in the market as a signal to consumers there was no need for a release of emergency reserves.

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