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OPEC Ministers Fail To Reach Deal On Production


OPEC oil ministers have failed to reach any kind of consensus on regulating the price and supply of crude at talks in Vienna.

In a statement released at the end of the June 2 meeting, the ministers emphasized the need for OPEC members to work for a stable market, but made no concrete pledges.

Ahead of the meeting, Iran rejected moves by Saudi Arabia to revive coordinated action and set a formal output target.

Tehran wants to be allowed to raise production to levels seen before the imposition of sanctions over its nuclear program. Those sanctions were lifted earlier this year.

The Vienna gathering came amid a recent recovery in oil prices. They have rallied about 80 percent to around $50 a barrel since January, when they slumped to the lowest in more than a decade.

With reporting by AP and AFP