OPEC Seen Considering Raising Output Up to 1.5 Million Barrels
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OPEC members gathered to review their target for oil output amid rising speculation that Saudi Arabia, the group’s biggest producer, is seeking an agreement to boost production by as much as 1.5 million barrels a day.
The Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world’s crude, is meeting in Vienna as fighting in Libya shuts off the bulk of supplies from Africa’s third-largest producer and oil hovers at almost $100 a barrel. Crude prices at current levels could derail a global economic recovery, the International Energy Agency’s Chief Economist Fatih Birol told reporters today in Oslo.