OPEC raises production quota by 500,000 bpd to 28 mln bpd from July 1 High Street Networking

15 June 2005, 16:19 OPEC raises production quota by 500,000 bpd to 28 mln bpd from July 1

OPEC today decided to raise its production ceiling by 500,000 barrels per day to 28 mln bpd on July 1, said Saudi Arabian Oil Minister Ali al-Nuaimi. Ministers today also gave OPEC president Sheikh Ahmed Fahd al-Sabah the option of calling a second quota increase of 500,000 barrels per day by September if necessary.