OPEC unable to agree on output hike

June 08, 2011 | Commodities & Oilprice

OPEC_Office_Vienna

The Organization of the Petroleum Exporting Countries (OPEC) was unable to come to an agreement on raising its production limit, the group announced Wednesday in Vienna.

OPEC’s current president, Iranian Oil Minister Mohammad Aliabadi, told reporters he hoped that a decision would be reached in the coming three months.

Analysts had said before the Vienna meeting of OPEC’s 12 oil ministers that a production increase would send a signal to markets that could help to keep high prices under control.

‘Certain members believed that we should have a production increase today,’ Aliabadi said. ‘Others believe we should take time to assess the situation and then come to a decision.’

Saudia Arabia and Kuwait were among the countries that favoured a rise to react to high prices, Libya’s recent production problems and rising demand in Asia.