OPEC Won't Increase Global Output
With oil prices just below $90 a barrel — down from $99 in recent weeks — oil-consuming nations were hoping the top group of oil producers would increase output. The idea being that more supply would lower prices. No such luck. The Organization of Petroleum Exporting Countries met in Abu Dhabi and, within an hour, decided not to add more oil to global markets. One official said, "Demand and supply are in balance." OPEC supplies nearly 40 percent of the world's oil needs.
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