ADVERTISEMENT

OPEC agrees to hike output 500,000 barrels

Food

OPEC will raise its daily output by 500,000 barrels a day, or 2%, to meet an expected winter consumption surge, the cartel said in Vienna Tuesday.

The 12-nation Organization of the Petroleum Exporting Countries, responsible for about one-third of the world’s crude supply, said 10 of its members agreed to increase OPEC’s production ceiling to 27.2 million barrels a day from 25.8 million barrels a day starting Nov. 1. Iraq and new member Angola aren’t subject to production limits, OPEC’s first official rise in more than a year.

“Our message to the consumer is that we care and we are concerned and that is why we increased production,” OPEC Secretary-General Abdalla Salem El-Badri said at a news conference. Acting Kuwaiti oil minister Mohammad Al-Olaim said the cartel thought that the market price was “a little bit high” and that the output increase would support “sustained” economic growth, The Wall Street Journal reported. After the announcement crude oil rose to a record high close of $78.23 a barrel, up 74 cents or 0.95%. (m&c.com)

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.