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To: The Ox who wrote (71790)	8/28/2000 6:49:59 AM
From: Post_Patrol	Respond to of 95453

OPEC `Likely' to Increase Output After U.S. Pressure, MEES Says Vienna, Aug. 28 (Bloomberg) -- The Organization of Petroleum Exporting Countries is ``likely'' to boost oil output next month because of pressure from the U.S. and others to lower prices, the Middle East Economic Survey reported. A reluctant OPEC may agree to increase production for a third time this year when it meets in Vienna on Sept. 10, though any increase is unlikely to be divided equal among the group's 11- members because a number of states are already pumping at maximum capacity, MEES reported. U.S. President Bill Clinton, who wants OPEC to lower prices by about 25 percent, and the European Union argue current prices have contributed to rising costs and threaten world economic growth. Crude oil prices in New York are up 25 percent this year at $31.95 a barrel. OPEC, which agreed to boost production at its last two meetings in March and June, is concerned that crude could return to less than $10 a barrel, as it did in 1998, if its members boost output too much. The group has said it would increase output by 500,000 barrels a day only if its price benchmark breaches $28 a barrel for 20 consecutive days. Prices exceeded $28 a barrel on 10 consecutive days through Friday. -------------------------------------------------------------------------------- © Copyright 2000, Bloomberg L.P. All Rights Reserved.