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BEIRUT, June 3: The Organization of the Petroleum Exporting Countries agreed on Thursday to raise output by two million barrels a day from July, at the bottom end of expectation.
In a two-stage pact, the 11-member Opec promised to add a further 500,000 barrels a day from August 1.
"It will send a very, very strong signal to the market," said Saudi Arabian Oil Minister Ali al-Naimi. He said the extra August increment was not negotiable on the downside and could even be altered higher.
"It's a good agreement, we will be able to test the impact of the policy on the oil market before we meet again in July," said Qatari Oil Minister Abdullah al-Attiyah. -Reuters
