Oil rises as Opec talks break down

08 Jun 2011
Talks among Oil Producing and Exporting Countries (Opec) broke down in acrimony on Wednesday without an agreement to raise output after Saudi Arabia failed to convince the cartel to lift production. “Unfortunately we are unable to reach a consensus to reduce or raise production,” Opec Secretary General Abdullah El-Badri told reporters. “This is one of the the worst meetings we have ever had,” said Saudi Oil Minister Ali al-Naimi. Naimi said 6 countries in the 12-member group were opposed to an increase in output.

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