OPEC may increase oil production

OPEC may decide to increase its oil production in a meeting this week.

Saudi Arabia's Oil Minister Ali al-Nuaimi has said his country will seek to raise OPEC's oil production ceiling by 500,000 barrels per day at the meeting.

He also said that Saudi Arabia would pump more crude later this year.

Earlier, OPEC president Sheikh Ahmad Fahd al-Sabah had told reporters that raising production would be on the table at Wednesday's meeting in Isfahan in Iran.