Opec to discuss increase in output at Riyadh summit

Kuwait City: Saudi Arabia, the world's top oil exporter, said yesterday that the exporter group would discuss an increase in oil output at an upcoming meeting in a bid to cool record prices near $100 a barrel.

The heads of state of the Organisation of Petroleum Exporting Countries will meet in Riyadh on November 17-18 and consumer countries are urging the group to lift output to avert a supply crunch. The group's oil ministers hold their next formal meeting on December 5 in Abu Dhabi. "This is premature but we will discuss the issue when we meet," Saudi oil Minister Ali Al Naimi told reporters after discussions with his Kuwaiti counterpart.

The acting oil minister for Kuwait, also one of Opec's core Gulf members, said after the meeting that the group will consider increasing output if the markets need it. "Opec will not hesitate to exercise its responsibilities," Mohammad Al Olaim told reporters.

Asked if this would include a possible output increase, he said: "If the market requires it and according to market principles."