OPEC calls on oil producers to increase production

Chairman of the Organization of Petroleum Exporting countries OPEC demanded on Thursday the oil producing countries to increase their oil production before the falls of winter in order to meet the increasing demands.

OPEC chair country (Indonesia) said that the demand for oil will increase prior to winter and this requires the increase of production to ensure enough supplies for the markets.

The price of light American oil in the Asian markets reached on Thursday $ 54.40 for one barrel for the contract of December delivery, thereby representing a decrease from New York price of Wednesday which was $ 54. 92 per one barrel.

Worth noting that Indonesia is OPEC's President until the end of this year. Kuwait's minister of oil Sheikh Ahmad al-Fahd al-Sabah will be OPEC's President for 2005, according to the rotating presidency system in OPEC.