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12

OPEC: No Rise Despite High Price

OPEC is under pressure from consumer nations to raise production again to stop oil prices

OPEC officials on Wednesday expressed worries over high oil prices but despite that do not want to increase the output, claiming that that markets were well supplied.

OPEC is under pressure from consumer nations to raise production again to stop oil prices from vaulting above $100 a barrel, which would add strain to a vulnerable world economy.

However, Saudi Oil Minister Ali al-Naimi and OPEC President Mohammed bin Dhaen al-Hamli said prices were beyond OPECs control.