OPEC Shocks Market, Leaves Production Flat

Investors had been expecting a rise
By Kevin Spak,  Newser Staff
Posted Jun 8, 2011 9:25 AM CDT
OPEC Shocks Market, Leaves Production Flat
A gas flame burns behind oil field workers Monday, May 30, 2011, in the desert oil fields of Sakhir, Bahrain.   (AP Photo/Hasan Jamali)

(Newser) – Crude prices are headed north this morning, after OPEC surprised the market by keeping production flat instead of ramping it up, the Wall Street Journal reports. Nymex crude is currently up almost 2%, above $100 a barrel, after being down ahead of the announcement. OPEC's secretary-general told reporters that the countries were "unable to reach consensus to raise production," according to the AP.

Going into the meeting, Saudi Arabia had led a group of nations that favored increasing production, while Iran and Venezuela had stood steadfastly against it. Afterward, the Saudi oil minister told Bloomberg TV it was one of the worst OPEC meetings he'd ever attended. Iran's oil minister said his nation might seek an "extraordinary" meeting. (Read more OPEC stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.