Members of the Organization of Petroleum Exporting Countries have
lifted the quota for oil extraction by 1.5 million barrels daily at a
session in Vienna today, Reuters reports.
The quota was set at 24.845 million barrels daily in 2008. It will be
lifted by 1 million barrels daily. It will be lifted by 500,000 more
barrels in three months.
The International Energy Agency says that the initiative is due to
higher oil prices.
OPEC consists of 12 states: Algeria, Angola, Venezuela, Iraq, Iran,
Qatar, Kuwait, Libya, Nigeria, UAE, Saudi Arabia and Ecuador. They
provide 35% of the world's oil production. The quota for oil
extraction was set at 24.85 million barrels daily on January 1, 2009,
which was 4.2 million barrels less than before.
