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BERLIN (Reuters) - OPEC wants to increase output by just under two million barrels a day because its members are not interested in record high prices that could trigger a recession, Acting General Secretary Shihab-Eldin Adnan was quoted as saying in an interview published on Saturday.
In an interview with Der Spiegel magazine released ahead of publication, Shihab-Eldin said OPEC members want to announce the increase at their next meeting in Vienna on September 19.
"We plan a number of measures. We will increase our production. The OPEC states with reserve capacity will participate, in particular Saudi Arabia. That will raise the OPEC production by just under 2 million barrels per day," Shihab-Eldin was quoted as saying.
http://go.reuters.com/newsArticle.jhtml?type=businessNews&storyID=9616418&src=rss/businessNe ws
EU demands more and cheaper oil
After chairing a meeting of European Union finance ministers in England, British finance minister Gordon Brown called on OPEC states to raise production by half a million barrels a day ahead of its September 19 meeting.
"This global problem needs global solutions," Brown said, highlighting estimates that, beyond the immediate threat to economic growth from world oil prices of nearly $70 a barrel, oil demand could rise 50 percent in the next 20 years.
The ministers issued a statement saying they also wanted oil companies to increase investment in oil exploration, production and refining capacity as well as alternative energy services.
"All over Europe, energy companies are making very high profits and it may be reasonable to recycle part of them" to help poor people whose bills for light and heating are soaring, Italian Economy Minister Domenico Siniscalco added.
More:
http://abcnews.go.com/Business/wireStory?id=1114125