OPEC hints at output increase

WASHINGTON, May 9 (UPI) -- The top Libyan oil official said Friday OPEC might hold an early meeting, a signal the group might increase output to bring prices down.

Shukri Ghanem said he would agree to a meeting before September, when the group had scheduled its next gathering, The New York Times reports.

When the Organization of Petroleum Exporting Countries held its last meeting in March, leaders blamed the sharp increase in price on speculation. They said supplies were adequate.

But prices have continued to rise. Crude oil for June delivery closed at almost $126 a barrel Friday.

The high prices for crude oil have filtered through the world economy, contributing to high prices for food and plane tickets as well as expensive gasoline and heating oil. That puts more political pressure on OPEC, the newspaper said.

U.S. Sen. Frank Lautenberg, D-N.J., introduced a bill in Congress last week that would require the U.S. government to take action against anti-competitive OPEC practices.