OPEC Chief Sees No Increase in Oil Output

The on again/off again OPEC oil production boost is off again: OPEC President Ali Rodriguez said he expects no increase in output for now after the group’s oil price index dropped below the $28-a-barrel ceiling. Rodriguez, who also is Venezuela’s energy minister, said Saudi Arabia, the Organization of Petroleum Exporting Countries’ No. 1 producer, won’t unilaterally boost output. “The 20-day countdown is reset,” Rodriguez said upon arrival in Caracas after a round of visits to oil producers. The index Monday fell below $28 a barrel, the level OPEC said had to be sustained for 20 days to trigger an increase in output. The drop below $28 means the whole pricing mechanism is reset, Rodriguez said. August crude oil futures in New York surged $1.11 to $31.94 a barrel on the news.