London, August 10:
The Organisation of Petroleum Exporting Countries (OPEC) stands ready to pump more oil â€œas and when the need arises,â€ its president said. Sheikh Ahmad Fahad Al Sabah, who is also Kuwaitâ€™s oil minister, said in a statement that OPECâ€™s total output is 30.4 million barrels a day - and rising.
â€œThese incremental volumes have led to global supply exceeding demand over the last two years, allowing stocks to continue to build to well above the five-year average,â€ he said, â€œthe latest price increases had come from a series of refinery outages and geopolitical tensions.â€
Crude prices edge higher
BUDAPEST: Crude futures edged higher, hovering above $63 a barrel as traders awaited US petroleum inventory data due on Wednesday. oil prices were expected to regainsome ground after a selloff on Tuesday after a US announcement that global oil demandwould increase at a slower pace. â€” AP