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Group may increase oil output

Tuesday, June 14, 2005 | 11:11 a.m.

VIENNA, Austria -- With its clout and credibility at stake, OPEC leaders said today they will attempt to lower soaring oil prices by raising the cartel's production target.

But economists dismissed the move to lift the official quota to 28 million barrels a day, noting that the 10 member nations bound by it are already pumping that much. They said oil markets -- and drivers suffering sticker-shock at the gas pumps -- are unlikely to see much of a difference if the Organization of Petroleum Exporting Countries takes the expected step at its meeting Wednesday.

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