OPEC to Hold Year-End Meeting: OPEC oil...
From Times Staff and Wire Reports
OPEC to Hold Year-End Meeting: OPEC oil ministers will gather in Vienna despite the fact that Iraq’s invasion of Kuwait has made a shambles of the production quotas the group set up to try to control world oil prices. A U.N. embargo against Iraq and Kuwait took 4.2 million barrels of oil a day off world markets. Higher output from other members of the Organization of Petroleum Exporting Countries--Saudi Arabia, Venezuela, Iran and the United Arab Emirates--has boosted cartel production to 23.5 million barrels a day. That is 1 million more than the 22.5-million-barrel ceiling agreed upon shortly before the invasion.
