OPEC Warned Over Stalemate
OPEC President Rilwanu Lukman today opened a crucial meeting of the oil cartel by warning that failure to reach a new production accord could send crude prices tumbling.
The meeting adjourned after 90 minutes until Wednesday. Lukman of Nigeria advised feuding members of the 13-nation Organization of Petroleum Exporting Countries that they might have to give ground to reach a compromise. “We shall all be required to make concessions,” Lukman said at the start of the winter meeting at OPEC headquarters in Vienna.
The ministers have been holding behind-the-scenes negotiations in an effort to resolve a dispute between Iran and Iraq that has held up the production accord.
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