OPEC Agrees to Boost Oil Output

OPEC (Organisation of the Petroleum Exporting Countries) has agreed to increase oil production for the first time in more than a year, following concern that near-record prices would further damage the world economy still reeling from the US housing market crisis.

OPEC has agreed to increase oil production to 500,000 barrels a day, starting in November. The new target will be 27.2 million barrels a day.

Yesterday, OPEC members met at a conference in Vienna, Austria, to discuss oil production levels and were led by Saudi Arabia to seriously consider increasing output.

By staff writer