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VIENNA – OPEC unexpectedly left its production levels unchanged Wednesday, causing oil prices to jump, as senior officials said their meeting ended in disarray — a stunning admission for an organization that places a premium on consensus decision making.
"We are unable to reach consensus to ... raise our production," OPEC Secretary General Abdullah Al-Badri told reporters, in comments reflecting unusual tensions in the 12-nation Organization of the Petroleum Exporting Countries.
Saudi oil minister Ali Naimi called it "one of the worst meetings, we've ever had," while analysts covering OPEC for more than 20 years said they could not remember any other time that the normally closed group had admitted to such divisions in its ranks.
Some even saw the abortive meeting as a harbinger of demise for the organization, which produces more than a third of the world's petroleum.
"OPEC is ... on the point of break-up," said Marc Ostwald of Monument Securities. "A broader perspective is that the post World War II world order is fracturing in a spectacular fashion, be it the EU/Eurozone, the World Bank/IMF, (or) OPEC."
Tuesday's sober assessment of the U.S. economy from Federal Reserve chairman Ben Bernanke added to concerns, especially as the central banker failed to indicate that more monetary stimulus was likely.
Originally posted by POPtheKlEEN89
reply to post by buni11687
I think your spot on with that call, convenient. Stocks drop, a grip of states busted up by tornadoes And a southwest rampant with fire, violence and crazy policeman( even crazier senior citizens) no offense to you Arizonans we've all got our issues