OPEC fails to reach consensus output rise
Jakarta: The Organisation of Petroleum Exporting Countries (OPEC) has not yet reached a consensus on whether to boost official production limits to bring down oil prices, according to Purnomo Yusgiantoro, president of the oil producers' cartel.

OPEC is scheduled to meet in Beirut on June 3 to discuss the Saudi proposal to raise the official ceiling by as much as 2.5 million barrels per day (bpd) to 26 million bpd.

Saudi Arabia has said it would be pumping extra volumes of around 700,000 bpd, irrespective of quotas. With prices hovering near 21-year highs, consumer nations have complained that soaring energy costs could hurt their economies and they have put pressure on OPEC to raise output. The second largest producer of oil Iran has said an increase should be ''cautious, limited and temporary.''
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