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Wednesday, June 8, 2011

Iranian Oil Min: OPEC Members Couldn't Agree on Timing of Increase

- Iranian Oil Min: OPEC Members Couldn't Agree on Timing of Increase

Wednesday, June 08, 2011
Dow Jones Newswires
by James Herron

No countries from the Organization of Petroleum Exporting Countries opposed an increase in its production ceiling at the group's meeting Wednesday, said Iranian Oil Minister Iranian Oil Minister Mohammad Aliabadi.

However, agreement could not be reached on the timing and amount of an increase, so the group left it's quota unchanged, Iranian Oil Minister Mohammad Aliabadi told reporters at a briefing.

Iran, which currently holds the OPEC presidency, may call an extraordinary meeting ahead of the next scheduled meeting in December, he said.

OPEC Secretary General Abdalla Salem el-Badri said the next OPEC meeting would take place in December in Vienna. The meeting had been expected to take place in Iran, in line with OPEC custom that the December meeting is held in the home country of the organization's president.

OPEC officials announced Wednesday that they had failed to reach an agreement, a move that means output is unchanged. The move sent oil prices higher.

Copyright (c) 2011 Dow Jones & Company, Inc.

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