OPEC Sunday agreed to raise production to stave off an oil price shock threatened by a strike in Venezuela and war in Iraq. UAE Oil Minister Obaid bin Saif al-Nasseri said output was raised by 1.5 million barrels a day to 24.5 million bpd, an increase of seven percent. That addition from the Organization of Petroleum Exporting Countries will go part of the way to compensate for an estimated two million barrel a day Venezuelan hole in supply. Leading cartel producer Saudi Arabia, in control of most of the world's spare capacity, said it was already pumping more to fill an estimated two-million-barrel-a-day hole on world markets.

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