OPEC Faces Growing Pressure to Boost Oil Production Amid Rising Prices

The Organization of the Petroleum Exporting Countries (OPEC) is facing growing pressure to increase oil production. The London-based Center for Global Energy Studies predicts that oil prices will continue to rise, driven by a shortage of supply rather than strong demand.

OPEC's reluctance to produce more oil may be justified given its optimistic views on non-OPEC oil production. OPEC expects non-OPEC output to increase significantly in 2007 and 2008, which could offset the need for higher OPEC production.

However, some experts believe that OPEC is being cautious due to potential US legal action against its members on grounds of price manipulation and concerns about the impact of increased oil production on global inventories.