Gulf Oil Ministers Vague on Production Hike

Persian Gulf oil ministers have agreed to increase production of crude oil to stabilize prices around the world but have not decided how much--leaving it unclear whether consumers will find relief at the gas pumps. A senior United Arab Emirates oil official said that Gulf Arab oil ministers who met the day before in Saudi Arabia agreed to a production increase. Such a move could bring down oil prices, which have been hovering near a nine-year high. The official said a production increase will be gradual and in the range of 1.5 million barrels a day, or 6% above current levels. Crude oil for April delivery gained 53 cents to $29.92 per barrel on the New York Mercantile Exchange.