Oil at $100 Hurting Economy May Be OPEC’s Spur: Energy Markets

OPEC is poised to increase its target for oil production amid concern that $100 crude may stifle the global economic recovery and reduce fuel consumption.

The Organization of Petroleum Exporting Countries will raise its output ceiling for the first time since 2007 to help replace lost Libyan supplies and meet higher demand expected later in the year, according to a Gulf delegate with knowledge of the matter. All ministers at the Vienna meeting agree on the need to raise output, the delegate said yesterday, declining to be named because he isn’t authorized to speak publicly.