OPEC Ministers at Impasse: OPEC is at...
OPEC Ministers at Impasse: OPEC is at an impasse and loosely split into two camps over how to meet demands from Kuwait and the United Arab Emirates for bigger shares of the cartel’s production pie, sources said as OPEC continues its meeting in Vienna, Austria. The ministers from the 13 Organization of Petroleum Exporting Countries were expected to resume negotiations in small groups, perhaps today, aimed at reaching an oil production and price agreement for the first half of 1990. Lack of agreement could send crude prices tumbling to as low as $15 a barrel in the first quarter of 1990, said one ministerial source.
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