Crude Oil Rises as OPEC Members Disagree on Production Quotas

Crude oil rose as OPEC ministers disagree about the need to increase production quotas at a meeting this week.

The Organization of Petroleum Exporting Countries should boost its quota by 500,000 barrels a day to 27.5 million a day, Saudi Oil Minister Ali al-Naimi said in a faxed statement today from Riyadh. Libya doesn’t support the Saudi proposal while Algeria expects the price of oil to fall. OPEC meets in Isfahan, Iran, on March 16 to discuss output targets and prices.