OPEC Members Disagree on Supply Caps: The cartel’s strategy for driving oil prices higher ran into trouble after Iran and Kuwait pressed demands to produce more oil in the final three months of the year. Ministers of the 12 member nations of the Organization of Petroleum Exporting Countries put off a scheduled meeting to take an extra day for private bargaining at a luxury hotel in Geneva. The OPEC nations hope to dry up some of the excess oil on the market and push prices higher. But the ministers left unresolved the contentious issue of assigning supply caps to each country.
From Times Staff and Wire Reports