OPEC raises production quotas

OPEC producers Wednesday agreed to a two percent increase in oil supplies in a bid to rein in $55 crude.

The Organization of the Petroleum Exporting Countries raised production limits by 500,000 barrels a day to 27.5 million bpd, said OPEC President Sheikh Ahmad al-Fahd al-Sabah.

The agreement gives Sheikh Ahmad the power to trigger an additional 500,000 bpd later in the second quarter should prices stay high. Ministers scheduled their next meeting for June 7.