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OPEC members disagreeing on whether to increase production

June 08/2011

(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."

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