Opec talks on boosting oil output
12 April 2012
MEMBERS of the Organisation of Petroleum Exporting Countries (Opec)are meeting today to decide whether to boost oil output - and possibly head off further petrol price rises in Britain.
It comes after supermarkets and oil giants put up to 2p on a litre of petrol this week amid fears of a war with Iraq which pushed crude oil to more than $24 a barrel - a $4 jump in less than a fortnight. The price of oil has also risen because Opec slashed production in January.
The Petrol Retailers Association warned this week that the combined effects could see petrol prices rise by as much as a further 5p a litre within weeks.
