OPEC leaves output on hold
Published:Thursday | June 9, 2011 | 12:00 AM
OPEC unexpectedly left its production levels unchanged on Wednesday, causing oil prices to jump, as senior officials said their meeting ended in disarray - a stunning admission for an organisation that places a premium on consensus decision making.
OPEC officials said that because of a policy deadlock, the group will maintain present output ceilings with the option of meeting within the next three months to consider a hike.
"We are unable to reach consensus to ... raise our production," OPEC Secretary General Abdullah Al-Badri told reporters, in comments reflecting unusual tensions in the 12-nation Organization of the Petroleum Exporting Countries.
The news caught markets by surprise, sending oil prices sharply higher. Benchmark crude for July delivery was up US$1.25 to US$100.34 per barrel in morning trading on the New York Mercantile Exchange after trading lower ahead of the OPEC meeting.
- AP