OPEC Likely to Raise Output

VIENNA, 19 September 2005 — OPEC reinforced yesterday expectations the oil organization would raise its official output quota to help stabilize obstinately high energy prices, but stressed that global demand did not call for such a move. Saudi Arabia and Kuwait, two members of the Organization of Petroleum Exporting Countries, said ahead of a two-day meeting here that they would back a production increase, in the latter’s case of up to one million barrels per day (bpd). The move was seen as a nod towards industrialized economies where consumers have been hit by sharply higher prices for petroleum products such as gasoline (petrol).