OPEC members failed to agree on raising production at a Wednesday meeting in Vienna, causing oil prices in New York to surge nearly 3% before settling at $100.74 per barrel, The Wall Street Journal reported. Saudi oil minister Ali Al-Naimi said it was "one of the worst meetings we've ever had." Saudi Arabia, the biggest producer of oil, supported raising the production ceiling to sell barrels at a lesser price, but Iran, Venezuela and Algeria were against any output increase, Reuters reported. Saudi oil officials may ramp up output by 500,000 barrels a day anyway, The Wall Street Journal reported Tuesday, as uprisings in Libya and Yemen have created anxiety about OPEC's ability to keep the oil flowing.
