OPEC states fail to reach deal on production
Vienna (AP) – OPEC countries failed Thursday to agree on measures to influence crude supplies and prices – a missed opportunity to show the resolve that for decades let them set how much consumers and industries worldwide would pay for gas, heating and related necessities.
At the same time, OPEC officials argued that the cartel was alive and well, scoffing at suggestions that its authority was eroding to the point where it will soon be negligible. But the decision to make no decision appeared more an illustration of lack of unity, particularly between OPEC rivals Saudi Arabia and Iran, whose deepening struggle for Mideast supremacy has for years been mirrored at oil meetings.
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