OPEC’s president said today that the group needs to increase its output ceiling now despite oversupply in the crude oil market, and may need to act again as US refineries come back on line and the Northern Hemisphere’s winter looms.

Under pressure to lower stubbornly high oil prices, Opec ministers were gathering in Austria today to try to lower crude costs and ease the brakes on the global economy.

Oil prices soared to record prices today as world markets reacted negatively to Opec’s decision to pump more oil.