At their first summit in 25 years, OPEC leaders repeated promises Tuesday to get oil prices below $28 a barrel, pledges they have had little success fulfilling.
Earlier this month, the Organization of Petroleum Exporting Countries decided to boost production by 800,000 barrels a day, starting next month, to reduce prices that have reached 10-year highs of $35 a barrel.
Despite that, Venezuelan President Hugo Chavez suggested Tuesday that the upper end of the $22 to $28 price range could be raised at an OPEC ministers meeting Nov. 12 in Vienna, Austria.
Ali Rodriguez, OPEC president and Venezuelan oil minister, said the price range is flexible and both the upper and lower limits can be adjusted, given increasing costs of exploration and production.
Libyan Oil Minister Abdalla Salem El Badri warned of a decrease in production if oil drops below $22 a barrel after Washington's decision Friday to tap into its strategic oil reserves.