OPEC FAILS TO AGREE ON OIL OUTPUT INCREASE CCTV News
OPEC talks on whether to raise oil output have broken down without agreement. The breakdown occurred after Saudi Arabia failed to convince the cartel to increase production. This represents a serious setback for industrialized countries, who had hoped OPEC would take action to stem fuel inflation. Saudi Arabia’s oil minister is seen here walking into what he later called “one of the worst meetings we have ever had.” He’s referring to talks between OPEC members that broke down without the group reaching an agreement about production. The Organization of Petroleum Exporting Countries was expected to agree to a production boost of 1 million barrels of oil per day, but the 12 member group was unable to reach a consensus. Saudi Arabia led a group of four pushing for the boost, but seven countries including Iran and Venezuela were opposed. Venezuela’s oil minister Rafael Ramirez. Information provided by cctv.com Thank you www.cctv.com http
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