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(Arabian Oil and Gas) -- The
OPEC bi-annual meeting in Vienna disintegrated this afternoon with members
disagreeing strongly on whether to increase production. The meeting has been
billed as openly acrimonious, with Saudi Oil Minister Ali al-Naimi branding it
"one of the worst meetings we have ever had".
"Unfortunately we are unable to reach a consensus to reduce or raise
production," Organization of the Petroleum Exporting Countries Secretary General
Abdullah El-Badri told reporters.
Gulf Arab delegates said Iran, Venezuela and Algeria were among those to
refuse to consider an output increase. The UAE and Qatar stood with Saudi, with
Mohammed bin Dhaen al-Hamli, the oil minister for the United Arab Emirates,
speaking of "tight" supplies before the meeting. He added, "If there is a need
for more oil, we will supply more oil."
mrcplast.com
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