Oil Producers Answer Calls For Action

(Sky News) - The world's leading oil producers have said it is too expensive - and they plan to increase supplies to help ease the global fuel crisis.

A source at Opec said its 13 members were uncomfortable with the current price of crude, which last week hit a record $135 a barrel.

Based on present supply and demand, he said it should be fetching $60-$70 a barrel.

Experts say oil has been driven to its present level by speculators who see it as a safer haven for their money than the weak dollar.