ABU DHABI, United Arab Emirates — The U.S. urged OPEC on Tuesday to boost output, but oil ministers appeared undecided on the eve of a key meeting that could help decide whether consumers worldwide will pay more or less at the gas pump and for their heating bills.
With oil markets reaching for the $100 mark a little more than a week ago, traders were betting until recently that the oil ministers of the Organization of Petroleum Exporting Countries would opt to increase production when they meet today in Abu Dhabi.
But prices that closed at a record $98.18 a barrel on Nov. 23 are now nearly 20 percent off that mark. While oil prices remain more than 50 percent above levels a year ago, the recent downturn has left OPEC torn between conflicting needs — keeping revenues high while presenting an image as a responsible regulator of unstable markets.
