OPEC producers called an emergency meeting for Sunday to decide how much more crude to pump to prevent a long-running strike in Venezuela and a looming war in Iraq from causing an oil price shock.
Kuwait oil minister Sheikh Ahmad al-Fahd al-Sabah said ministers were discussing an increase of 1-1.5 million barrels per day, a rise of 4-7% on limits now of 23 million bpd.
"We would favor raising by 1 million and would agree to 1.5 if necessary," al-Sabah said.
OPEC wants to bring prices back inside its $22-$28 target band, a range it feels does not threaten world economic growth.
On-highway diesel prices in the U.S. have risen 10 cents since December 16, to $1.501, according to the Dept. of Energy.
