MercoPress. South Atlantic News Agency

OPEC agrees additional oil supply of 2 million bpd

The Organization of Petroleum Exporting Countries said Tuesday in Vienna it will make more oil available during the last three months of the year in an effort to ease crude price pressures.

The eleven producer countries cartel agreed on an additional supply of 2 million barrels per day starting October 1.

Tuesday's offer of the extra crude came as Tropical Storm Rita strengthened into a hurricane, threatening to inflict fresh damage on oil production facilities on the Gulf of Mexico coastline.

However, as well as the storm threat the main problem facing the oil market at present is a lack of refining capacity.

Qatar's Oil minister said, "If the world needs oil, it's available."

He said members didn't want to raise the production ceiling of 28 million barrels a day, which it's already exceeding. OPEC is trying to reassure markets that supplies will be stable for the winter but the extra oil won't necessarily enable refineries to keep up with demand.

A top European Union energy official described the OPEC announcement as "just a small step" and not likely to bring the price of oil down. "I don't think it's going to be enough", said EU Energy Commissioner Andris Piegalgs.