Saudi Arabian Oil Minister Ali Naimi has said that he backs an increase in OPEC’s production ceiling but questioned whether demand justified adding actual oil to the market.

Britain and Norway signed a treaty today on developing oil fields that straddle their North Sea boundary in hopes of eventually boosting supplies to help meet world thirst for oil.

Norway’s Oil and Energy Minister Thorhild Widvey said the nation may consider opening more of its Arctic waters for increased drilling and exploration, countering a slump in its North Sea oil reserves.