OPEC May Increase Oil Supply

The high price of oil, and the possibility that the cost might send the world toward economic recession, has OPEC Gulf producers considering a boost in oil output, despite their feeling that there is sufficient supply to meet demand, according to the Toronto Star. Venezuela and Iran don't want OPEC to increase production.

The price of crude has already dropped to around $88 a barrel, from a high of nearly $100 just two weeks ago.

Crude traded below $88 (U.S.) a barrel during yesterday's session, down from a record $99.29 nearly two weeks ago, before closing down 99 cents to $88.32 in New York.

Peak oil analysts watch Saudi Arabia's moves closely, because there is concern that it isn't admitting that its reserves are getting tight.

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