Saudi's increase oil productionThe New York Times reports Saudi Arabia has promised to increase production has caused a rift among OPEC members.
Individual members of the Organization of the Petroleum Exporting Countries have begun to speak out against raising output, in response to a statement from the Saudis on Friday that they were willing to produce an additional 500,000 barrels of oil a day to help curtail prices, which have been above $40 a barrel. The Saudis, who are under intense pressure to add supplies, said that OPEC should increase production by more than two million barrels a day.
Interestingly enough Opec doesn't blame production levels, but rather world stability, high taxes, and worldwide speculation in the futures market are to blame. Perhaps the prices at the pumps have peaked.