Oil and Gas

OPEC May Need to Boost Output Later in 2007


OPEC may need to boost crude oil output by up to 1 million barrels per day later in 2007, perhaps in December, should demand prove robust and inventories fall, an OPEC source said on Tuesday.

The source said OPEC's main producers believe there is no need for extra crude on the market, indicating the group will leave policy unchanged at its meeting on Sept. 11.

"If things stay as they are, I believe we need to increase by 500,000 barrels per day to 1 million bpd," said the source, who declined to be identified by name.

"Perhaps in December, depending on the stocks," the source said when asked when such a move may be needed.