Organization of Petroleum Exporting Countries White House Statement on the Organization's Increase in Oil Prices.

We regret the OPEC decision and hope that it will be reconsidered before the next steps take effect.

Market conditions do not warrant a price increase of this magnitude, since the current tightness in the world oil market is a temporary situation that does not reflect underlying demand forces.

This large price hike will impede programs to maintain world economic recovery and to reduce inflation. Responsibility for the success of these programs is shared by the oil-producing countries.