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OPEC fails to agree on oil production ceiling

OPEC 산유량 한도 합의 실패 OPEC's latest meeting in Vienna wrapped up without an agreement on oil production limits. That outcome did not come as much of a surprise,... as the group has increasingly been criticized for its inaction in recent years. Oh Soo-young reports. The world's oil producing cartel ended its ministerial meeting Thursday, without reaching an agreement on oil production levels. Ministers from the 13 OPEC members discussed reintroducing a collective ceiling on crude output,... an idea backed by Saudi Arabia and its allies but the proposal was met with a firm "no" from Iran. Reuters: 4263 "I think it's not a secret that Iran, they still want to produce their pre-sanctions quantity, and also we have another country now is missing from the market, Libya, so, to come up with the number is very difficult to do... but at this time, now, the number that we are producing is reasonable to the market, the market is accepting it," Despite the lack of a deal,... the ministers expressed optimism about the global market's recovery,... noting that prices have rallied 80 percent since January. But with production still high and unfettered, oil prices are hovering at around 50 dollars a barrel,... less than half the level seen before OPEC countries increased their output to defend their global market share. The subdued prices are a major cause of concern for the so-called "fragile five" nations -- Algeria, Iraq, Libya, Nigeria and Venezuela. The lack of an outcome adds to mounting doubts surrounding the cartel's relevance in the world due to its inability to take coordinated action. OPEC's previous meeting in February also failed to agree upon a production limit, after the member countries abandoned their cap of 30 million barrels a day in December. The next ministerial meeting will be held in November. Oh Soo-young, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS):   / newsarirang   Homepage: http://www.arirang.com Facebook:   / arirangtv   Twitter:   / arirangworld   Instagram:   / arirangworld