Rising Oil Price Turns On Production Targets

22 October 2009 (Last Updated October 22nd, 2009 18:30)

The continuing rise of oil prices could lead to an increase in output targets, according to members of the Organization of Petroleum Exporting Countries (Opec). Oil prices for New York crude rose towards $82 a barrel for the second time this week – the highest price oil has seen this ye

The continuing rise of oil prices could lead to an increase in output targets, according to members of the Organization of Petroleum Exporting Countries (Opec).

Oil prices for New York crude rose towards $82 a barrel for the second time this week – the highest price oil has seen this year.

Opec told Reuters that the oil price, coupled with growth in the weakened economy, was a positive sign for the industry, which saw prices drop as low as $30 a barrel late last year.

He said that present levels put Opec on track to raise production output at its 12 December meeting and to see 35 upstream projects revived after having been put on hold because of the oil crisis.

Brent North Sea crude for December delivery was up to $79.76 a barrel on 23 October and New York crude hit $81.43 a barrel – just off of the $82 seen on Wednesday.