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OPEC Fails To Agree On Increasing Oil Production

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저작자 미상 (저작물 2267374 건)

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2011-06-09

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The world's biggest oil producers have failed to agree on increasing their output to meet growing global demand.
Twelve members of the Organization of the Petroleum Exporting Countries‚ which pumps 40-percent of the world's oil‚ met in Vienna Wednesday for their annual meeting..
However‚ according Saudi Arabia's Minister of Petroleum and Mineral Resources‚ Ali bin Ibrahim Al-Naimi‚ the meeting was "one of the group's worst meetings ever."
Saudi Arabia‚ OPEC's biggest producer‚ tried to persuade the group to enforce its first official production increase since September 2007.
It believes that current prices are weighing on global demand and the economic recovery.
But such a proposal was opposed by seven members including Iran and Iraq‚ who are happy with the high prices.
OPEC's Secretary General Abdullah El-Badri announced on Wednesday that the organization has decided to maintain its current output quota.
[Interview : Abdullah El-Badri‚ OPEC Secretary General] "We have enough supply on the market‚ there is no shortage whatsoever even though we have absence of one country but as of today we are not in crisis."
The unsuccessful meeting means Saudi Arabia will have to unilaterally carry on with its plans to raise output in an effort to keep a lid on prices.
The lack of consensus among OPEC members sent oil prices higher Wednesday amid fears of a supply shortage.
Lee Ji-yoon‚ Arirang News.
Reporter : jiyoonjlee@arirang.co.kr

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