OPEC agrees to raise oil output ceiling

Friday, June 4, 2004

BEIRUT, Lebanon -- OPEC agreed Thursday to raise its oil production ceiling by 2 million barrels a day next month and an additional 500,000 barrels a day in August if necessary in a bid to rein in high prices. Oil prices fell for the second straight day from peaks reached earlier this week. But industry analysts said the hike was unlikely to lead to cheaper gasoline in the United States due to refinery constraints and other production bottlenecks, and would have only a modest impact on crude prices.

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