Members of the Organization of Petroleum Exporting Countries surprised many when they agreed to increase production. The extra 500,000 barrels a day is supposed to calm fears about a tightening supply this winter. It's also supposed to push down prices. The U.S. has warned that high oil prices could be a further drag on the faltering global economy. Some oil ministers at the OPEC meeting say they didn't want to be blamed for worsening economic woes. But the decision to hike output didn't succeed in calming the market. Oil prices still rose to a record high.
OPEC Agrees to Boost Production
News & Features National Public Radio · NPR ·