OPEC will pump in an extra 2 million bpd into oil markets for a period of three months starting from October 1, if there is demand for the crude. OPEC is of the opinion that a lack of refining capacity is more to blame for high oil prices than a lack of crude, though market perception is that supplies are in fact very tight.
This announcement of supply hike caused world oil prices to fall on Tuesday despite Hurricane Rita approaching oil facilities in the Gulf of Mexico. Hurricane Rita has forced an alert in southern Florida and aborted plans to repopulate New Orleans after Hurricane Katrina. New York's main contract, light sweet crude for delivery in October, settled almost a dollar lower to US$66.30 per barrel. In London, the price of Brent North Sea crude for November delivery fell to US$64.32 per barrel.
21-Sep-05 
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