NPR logo

OPEC Cool to Call for Production Increase

  • Download
  • <iframe src="https://www.npr.org/player/embed/87912364/87912341" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
OPEC Cool to Call for Production Increase

Economy

OPEC Cool to Call for Production Increase

OPEC Cool to Call for Production Increase

  • Download
  • <iframe src="https://www.npr.org/player/embed/87912364/87912341" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

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.

Copyright © 2008 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.