OPEC to increase production in case of oil supply shortage

OPEC member-nations can increase their production in accordance to their capabilities without being limited by allocated amounts due to the current regional developments, although only if there is a shortage in energy supplies, OPEC Secretary-General Dr. Alvaro Silva Calderon said Thursday as reported by Kuwaiti News Agency.

At the same time, Calderon stressed that this procedure does not mean production shares will be canceled, but will be used if and when necessary.

OPEC's Secretary-General once again restated the organization's position to fill in any shortage of energy, with OPEC sources saying that OPEC is capable of producing an additional three million barrels that can be used when needed.

Saudi Arabia is considered to be of the most prominent member-nations able to step up oil production, in addition to the United Arab Emirates (UAE), Venezuela and Nigeria. (*)