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Saudi Arabia Says Oil Producers Should Boost Output

OPEC's most influential member says the oil cartel should raise production quotas at Wednesday's meeting in Iran.

Saudi Arabia's Oil Minister Ali al-Naimi says the Organization of Petroleum Exporting Countries should boost output by 500,000 barrels a day from the current self-imposed limit of 27 million barrels.

Supply concerns were one factor behind last week's surge that pushed oil prices to within pennies of the all-time record in New York trading.

The price of crude oil for April delivery declined after the Saudi announcement. But oil prices later rose 52 cents to close at $54.95 a barrel in New York on Monday.

OPEC produces about 40 percent of the world's oil and energy ministers from its 11 members are gathering to discuss oil supplies and prices.

Some information for this report provided by AP.