Venezuelan Oil Minister Says OPEC to Decide Upon Output Hike on July 21

[CShine]

CARACAS, Venezuela (AP) - OPEC will decide whether to raise the cartel's production by 500,000 barrels per day on July 21, Venezuela's oil minister said Friday. Rafael Ramirez said the possible output increase by the Organization of Petroleum Exporting Countries, or OPEC, could further buttress a 2 million-barrel per day boost in production set to take effect on July 1.

OPEC decided on June 3 to raise output to cool off searing oil prices. U.S. oil prices peaked June 1 at $42.33 per barrel for light crude for July delivery. A second increase would take effect on Aug. 1.

The possible output boost is largely symbolic given that most of the organization's members, including Venezuela, are already producing at full capacity.

Earlier this week, Qatari Oil Minister Abdullah bin Hamad Al Attiyah said he believes the second increase will be implemented as agreed.

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