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In a surprising turn of events today, OPEC has decided that it will boost its output by 500,000 barrels of oil a day to help ease rising oil prices.When we looked at this week's meeting by the twelve nation cartel yesterday, it appeared to be universally accepted that the group would not be lifting its daily quota. That all changed earlier today when it was leaked that Saudi Arabia would be lobbying the group to boost its output to combat tightening supplies later in the year.
The new limit will be raised to 27.2 million barrels a day after the decision is implemented. Following the announcement oil is trading up 19 cents on the day to $77.68. It had been trading at $78.32 before the news came out.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer
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