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OPEC to consider lifting output quotas
Vienna: The Organization of the Petroleum Exporting Countries is considering lifting output quotas by 500,000 barrels at a meeting in Vienna. But OPEC ministers have also indicated that the move would not tame current oil prices.

The organisations inability to tackle high oil prices was underlined when its biggest producer Saudi Arabia said real supplies would not rise despite a plan to increase official quota limits.

US crude eased 51 cents to 55.11 U.S. dollars a barrel in Tuesday trade after a 2 US dollar leap on Monday.

Average prices for the year so far are near 51 US dollars a barrel, up 20 US dollars since 2003.
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