Wednesday, March 14, 2012

No decision yet as OPEC wrestles with output cut

GENEVA (AP) OPEC reported no breakthroughs yesterday as oilministers met informally in small groups in a bid to overcomeobstacles to agreement on a plan for cutting output and boostingprices.

The 13 ministers of the Organization of Petroleum ExportingCountries had decided Saturday, after three days of talks, to suspendtheir full conference until today.

A key obstacle discussed in yesterday's private meetings waswhether Iraq and some of OPEC's smaller producers, such as Ecuadorand Gabon, should be exempted from proposed cuts in production,officials said.

Javier Espinosa Teran, the oil minister of Ecuador, toldreporters he expected Saudi Arabia to …

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