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OPEC to Act to Reduce Soaring Oil Prices


Officials from top oil-producing nations have promised to try to cut soaring oil prices when they meet in Vienna on Wednesday.

Leaders from the Organization of Petroleum Exporting Countries said Tuesday they are likely to agree to raise daily output by a 500,000 barrels.

But some analysts say the increase will do little to cut prices, currently around the $55 mark.

Meantime, Saudi Arabia's Oil Minister Ali al-Naimi called on developed nations to build more oil refineries to help satisfy their growing needs for gasoline.

Some information for this report provided by AP and AFP.

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