, wrestling with worldwide concerns about soaring oil prices, is raising production by 800,000 barrels a day, according to
The Organization of the Petroleum Exporting Countries is boosting production a little more than 3%, to 26.2 million barrels a day, the news service reported Sunday.
On Friday, oil prices eased back from their 10-year highs on growing indications that OPEC would boost production more than initially expected. The benchmark October contract for crude oil on the
New York Mercantile Exchange
ended the day down $1.76, or 5%, at $33.63 a barrel.
Reuters reported that OPEC ministers believed the production increase would be enough to push prices back down to their preferred range of $22 to $28 a barrel.
But some analysts have worried that oil prices may remain high for some time, even with a production increase. That means consumers are likely to notice higher prices in a number of places this fall -- from the gas pump, to heating bills, to airline tickets. On Friday, three U.S. airlines announced they have added a $20 fuel surcharge to every roundtrip ticket to offset the effects of surging oil prices.