Yahoo! News – OPEC ‘Concerned,’ Leaves Oil Hike to June: “a decision would wait until a full meeting in Beirut on June 3.
Producers face heavy pressure from big petroleum importers who fear rising energy costs could brake strong economic growth.
Ministers from the G7, meeting this weekend in New York, have said they want swift OPEC action.
Acting unilaterally, Saudi Arabia is not waiting until Beirut to help out.
Saudi Oil Minister Ali al-Naimi said on Friday Riyadh had already decided to raise output to nine million barrels daily next month, up from about 8.3 million bpd in April. “