Economy

OPEC Cool to Call for Production Increase

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Representatives of the Organization of Petroleum Exporting Countries (OPEC) are meeting in Austria. And so far, they're resisting pressure from U.S. officials to increase production. Triple-digit oil prices are adding to American fears of inflation and recession.

RENEE MONTAGNE, host:

NPR's business news starts with OPEC saying no boost in supply.

(Soundbite of music)

MONTAGNE: Meeting in Vienna today, members of the oil producers cartel say they will not increase oil production. Washington has been pressuring the group to turn on the spigot some more in the hopes that might lower prices and ease pressure on the US economy. OPEC ministers say there's no reason to pump more oil. They say the run-up in prices is due to investors speculating in the market, and not fundamental problems with supply.

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