OPEC Meeting

By: Associated Press
By: Associated Press

Analysts aren't sure it will have much effect on prices, but OPEC has agreed to raise production quotas.

Output ceilings will increase by half a million barrels a day in an effort to cool rising crude oil prices. The limits will now stand at 28 million barrels per day. The organization also will consider another half million barrel increase later this year if prices don't fall. Crude oil prices have been hovering around $55 a barrel.

Industry experts call the move purely a symbolic one, since oil-exporting countries are already exceeding the higher quota.

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