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VIENNA, Sept. 20 (UPI) -- The world's crude oil producing cartel said Tuesday it was suspending output quotas to help lower prices, the BBC said.
The move by the Organization of Petroleum Exporting Countries, however, was not expected offer anything more than psychological support to consumers, analysts said.
That's because most OPEC members are at or near limits of their production capacity and what limited spare output capacity exists among OPEC members would yield only a low-quality crude oil that most refiners are not interested in.
Along with suspending quotas, OPEC said it would release an extra 2 million barrels of oil a day for three months, beginning Oct. 1.
While suspending quotas, OPEC will maintain its official production ceiling.
"The ceiling will be maintained the same and we will offer the market what OPEC can produce," said Venezuelan Energy Minister Rafael Ramirez.
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