In an effort to calm markets shaken by high oil prices and worries that supplies could grow tight by the end of the year, OPEC has agreed to boost its crude output by 500,000 bpd with effect from Nov. 1. The increase would be based on the group's current production, meaning OPEC was adding actual oil to the market.
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Wednesday, September 12, 2007
OPEC agrees to boost crude output by 500,000 bpd
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