Oil prices have risen by 28 percent since the beginning of the year. But that has not slowed the strong growth in oil consumption, bolstered by economic growth in the United States and Asia. Meanwhile, energy supplies have struggled to catch up while a raft of shutdowns at American refineries have crimped production at the busiest time of the year for gasoline.

Goldman Sachs analysts warned in a recent report that without swift action from Saudi Arabia, oil prices could rise above $90 a barrel this fall. They said that an increase in OPEC production could help push prices down by $5 to $10 a barrel.