OPEC To Decide Today On Lifting Quotas

Organization of Petroleum Exporting Countries is likely to lift output quotas.
OPEC members are meeting today in Vienna to discuss lifting the production ceiling by 500,000 barrels per day to 28 million barrels.

The cartel?s members hope the increase will take some steam out of surging oil prices, but some key members doubt the increase will lower crude costs.

The Organization countries are already supplying more than 28 million barrels per day and have warned that there may not be much more slack in the supply chain.