OPEC affirms spring pact but argues over violations

Ministers from the Organization of Petroleum Exporting Countries meeting here decided to stick by the terms of their four-month-old accord, Saudi Oil Minister Ahmad Zaki Yamani said. The benchmark price will remain at $29 a barrel; the joint output ceiling will stay at 17.5 million barrels a day.

But bickering did break out over pricing and production violations. A senior delegate said Nigeria, Iran, and the United Arab Emirates have flouted their individual output quotas.

And a potential political row is still brewing over the appointment of a new OPEC secretary-general. Warring Iran and Iraq have both put forward candidates. Sources said the ministers might appoint a compromise candidate from a third country.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK