World oil prices have soared to a record high today (Monday) in New York trading.

Bloomberg Financial News Service says the price of oil for May delivery climbed as high as 58 dollars and 28 cents a barrel.

The president of the Organization of Petroleum Exporting Countries (Sheikh Ahmad Fahad Al-Ahmad Al-Sabah) says oil ministers this week will discuss the possibility of pumping more oil in an effort to bring prices down. OPEC announced an increase in production quotas in mid-March, but that move failed to bring a significant drop on oil markets.