OPEC Won't Increase Global Output With oil prices just below $90 a barrel oil-consuming nations were hoping the top group of oil producers would increase output in order to lower prices. But no such luck. OPEC met in Abu Dhabi and within one hour, decided not to add more oil to global markets.

OPEC Won't Increase Global Output

OPEC Won't Increase Global Output

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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.