OPEC splits over output, previous mistakes haunt ministers

VIENNA (AFP) – The ghosts of Asia’s 1997 financial crisis haunted an OPEC meeting here on Tuesday as members of the oil cartel split about whether to raise output to help cool surging crude prices.

OPEC ministers were locked in tense negotiations on whether the 12-member exporters’ club should pump more oil amid uncertainty about future demand.


“Everything is on the table, but there is no consensus,” said Venezuelan Energy Minister Rafael Ramirez, who opposes an increase, during a break in talks.

A majority of ministers have publicly dismissed pressure from consuming nations for higher supplies, but Saudi Arabia, the biggest producer in the 12-member cartel, is believed to favour an output increase.

A source close to the talks told AFP one option being considered was an increase in the cartel’s production target of 500,000 barrels per day, with Saudi Arabia contributing 350,000 bpd and 150,000 bpd from the other members.

AFP