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Breaking News

OPEC Agrees to Increase Daily Oil Output by 3 Percent

Aired June 21, 2000 - 2:08 p.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

LOU WATERS, CNN ANCHOR: The breaking news is that OPEC is making its statement now in Vienna about an increase in oil production, three percent is the agreement in oil production output by the OPEC nations. What that translates to in the number of barrels per day, there had been some estimates that it would be between 500,000 and a million barrels of increased oil production per day to ease the pressure on oil prices around the world.

What that would mean here in the West, now with the current argument over reformulated gas, a more expensive kind of gas, which regulations now specify in the Midwest need to be used, whether or not that will effect that remains to be seen.

There's a lot to be sorted out. CNN's Tom Mintier is in Vienna. He is keeping watch over the OPEC meeting. As soon as he has all the information compiled, he will check in with us and we will see what it all means.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com

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