OPEC refuses to increase quotas for oil production

Members of the Organization of the Petroleum Exporting Countries (OPEC) were unable to reach a new agreement on oil production quotas at Wednesday’s meeting in Vienna, the Wall Street Journal reported.

“We are unable to reach consensus to raise our production,” OPEC Secretary General Abdullah al-Badri told reporters. An emergency meeting on raising the levels could be convened within three months if warranted.

Saudi Arabia and three other countries proposed raising output by 1.5 million barrels per day in May.

The 12 members of OPEC produced 28.84 million barrels a day in May, according to trade publication Argus Global Markets, accounting for about 40 percent of the world’s oil.

OPEC includes Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.

MOSCOW, June 8 (RIA Novosti) 

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