OPEC to raise daily production levels in May
Kuwait City: The president of the Organization of Petroleum Exporting Countries has said that the group will increase its overall production ceiling by 500,000 barrels a day starting in May, to meet expected world demand.

Last week, when oil prices looked as if they were somewhat dropping for a few sessions, OPEC had said that it would suspend consultations with OPEC ministers on the possibility of launching the second tranche of the production increase. But now it has changed course and said that talks with other members to initiate the second agreed upon increase of 500,000 barrels a day would start.

The second tranche will increase the overall production ceiling of OPEC to 28 million barrels a day.
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