OPEC’s ‘Worst Meeting’ Ends Without Agreement, Boosting Prices
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OPEC failed to agree on crude production for the first time in at least 20 years, with six members opposing a Saudi Arabian push to increase output, sending oil prices above $101 a barrel.
“It was one of the worst meetings we’ve ever had,” Saudi Oil Minister Ali al-Naimi said after representatives of the 12-member Organization of Petroleum Exporting Countries adjourned five hours of talks in Vienna. “We were unable to reach an agreement.”