Tuesday 14 June 2011

Opec Gulf allies are all pumped up to go it alone on output - The National

Opec's gathering in Vienna last week ended in "one of the worst meetings we have ever had", according to the Saudi oil minister Ali al Naimi.

The lack of a resolution to raise oil production in the face of tightening markets was first received as bad news by consumers, prices rising US$2 in response.

Yet the real losers are those who said "No" - Algeria, Angola, Ecuador, Venezuela, Iran, Iraq and Libya.

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