OPEC Meets to Discuss Oil Output

World | June 3, 2004, Thursday // 00:00

Members of oil producers' group OPEC are meeting in Beirut to discuss boosting production by up to 11%, in a bid to lower the soaring price of oil. Saudi Arabia and Iran have put forward competing proposals to raise output, with Iran favouring a smaller increase. But oil analysts remain doubtful that even the biggest boost on offer - an extra 2.5 million barrels a day - would do much to cool prices. Early trading saw US oil prices creep back above USD 40 a barrel. The attack by militants on an oil workers' compound on Saturday in the Saudi city of Khobar, which left 22 people dead, pushed prices to record highs of USD 42.45 a barrel early in the week.

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