OPEC Adjourns; No Price Pact
Associated Press
GENEVA — OPEC concluded its weeklong meeting today after failing to reach a unanimous agreement on production cuts that would raise prices.
Iran’s chief delegate, Gholamreza Aghazadeh, told reporters that 10 of the 13 member-nations accepted a production ceiling for the July-September quarter of 16.3 million barrels a day, while the other three countries--Iran, Algeria and Libya--wanted the overall quota set at 14 million barrels daily. The cartel currently produces about 17 million barrels a day.
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