OPEC to keep oil output as it is
OPEC Secretary-General Abdullah Al-Badri, right, and OPEC President Mohammad Aliabadi talk Wednesday during a news conference in Vienna after the Organization of Petroleum Exporting Countries decided to leave oil output where it is. (June 8, 2011) Credit: AP
OPEC says it has decided to maintain output levels, with the option of meeting within the next three months for a possible production hike.
The decision by the Organization of the Petroleum Exporting Countries is unexpected and reflects unusual tensions in an organization that usually works by consensus.
Saudi Arabia and other influential Gulf nations had pushed to increase production ceilings to calm markets and ease concerns that crude was overpriced for consumer nations struggling with their economies. Those opposed were led by Iran, the second-strongest producer within the 11-member group. Members include Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela.
OPEC Secretary-General Abdullah Al-Badri told reporters: "We are unable to reach consensus to ... raise our production."
