OPEC said Tuesday it won't match member Saudi Arabia's 200,000 barrel per day production boost, because in the cartel's estimation there's no need to increase output, The Associated Press reported Tuesday. OPEC President Chakib Khelil said there's no need to increase supply, citing factors outside of OPEC's control, including the weak U.S. dollar and U.S. pressure on Iran, for high oil prices. Khelil also blamed the U.S. mortgage crisis and speculators for driving oil prices higher.

Full story: bloggingstocks.com