OPEC Not Expected To Raise Production
VIENNA, Austria (AP) — Key ministers in the cartel say OPEC has all but ruled out pumping more oil to ease record-high prices.
The president of OPEC says that’s because of the U.S. economic slowdown, political turmoil in the Middle East and expectations of slackening global demand for crude.
Pressure has mounted on OPEC to raise output, which would put more crude on the market and help pull down prices which have been holding above $100 for weeks.
But the group contends that there is an ample supply of crude, and since demand typically eases in the second quarter, no action is expected at tomorrow’s meeting in Vienna.