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. Last Updated: 07/27/2016

Oil Production Eyed

DOHA, Qatar -- The Organization of Petroleum Exporting Countries is considering a production increase of more than 500,000 barrels a day if its basket price of crude sharply exceeds $28, a Qatari oil official said Monday.

The official would not elaborate. Officials had said OPEC members were mulling an increase of 500,000 barrels a day if the OPEC basket price topped $28 for 20 consecutive trading days.

Speaking on condition of anonymity, the Qatari official said Saudi Arabia is talking to Qatar and other OPEC and non-OPEC members, such as Mexico, about further increases in oil output if prices remain high.

On Sunday, a Saudi oil official said that OPEC was looking for a price of $25 a barrel and was talking to other producers about pumping more oil in the next few weeks to reach that target.