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OPEC Talks Break Down, No Deal to Lift Oil Supply

• www.cnbc.com
OPEC talks broke down in acrimony on Wednesday after Saudi Arabia failed to convince the cartel to lift production, sparking a rebound in global oil prices.

"We were unable to reach an agreement—this is one of the worst meetings we have ever had," said Ali al-Naimi, oil minister for Saudi Arabia, OPEC's biggest producer.

The failure to do a deal is a blow for consumer countries hoping the Organization of the Petroleum Exporting Countries would take action to stem fuel inflation.

"We have noted with disappointment that OPEC members today were unable to agree on the need to make more oil available to the market," said the International Energy Agency.

The United States had put pressure on Saudi to deliver a credible deal to cap crude prices and underpin faltering economic growth.

 

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