OPEC faces dilemma in Vienna meeting

09/26/2005
Members of the Organization of Petroleum Exporting Countries faced a dilemma at their Sept. 19 meeting in Vienna as to whether to raise their production quota in an act of political expediency or to take no action in a market where high prices seemed to be reducing demand.Going into that meeting, OPEC members were under heavy pressure-especially from UK officials-to raise their production ceiling. Markets were anticipating an increase of 500,000 b/d to 28.5 million b/d.In his opening statement, OPEC Conference Pres. Ahmad Fahad Al-Ahmad Al-Sabah, also energy minister for Kuwait, said members would examine the situation carefully to determine what additional measures may be taken to help s...
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