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VIENNA, September 11 (RIA Novosti) - The Organization of Petroleum Exporting Countries (OPEC) is to increase oil production by 500,000 barrels per day from November 1, Qatar's Energy Minister said at the 145th OPEC session Tuesday.
Analysts called the increase insignificant, but said it was a gesture of goodwill by the 12 nation-cartel to try and calm global oil prices, which have hit record highs in recent weeks.
The decision was made despite opposition from Venezuela, Iran, Iraq, Kuwait, Libya, and Nigeria.
Currently OPEC produces 25.8 million barrels per day, which is 40% of the world's total oil production.
