OPEC made little progress in setting new quotas.
The oil ministers, meeting in Geneva, instructed the cartel’s technical advisers to recommend a formula for setting new limits on each member’s oil production. As a fifth day of deliberations droned on, there were few signs of new progress toward agreement on production controls designed to boost worldwide oil prices. Rilwanu Lukman, the cartel’s president and the oil minister of Nigeria, told reporters that the oil ministers would not resume their meeting until the technical advisers finished their meeting.
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