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OPEC Decides Not To Increase Oil Production

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NORRIS: Unrest throughout the Middle East is one reason oil prices have risen sharply. And today, crude prices jumped more than $2 a barrel after an OPEC meeting in Vienna.

As NPR's Jeff Brady reports, members of the cartel simply couldn't agree on whether or not to boost production.

JEFF BRADY: Recovering economies around the world could use a break from high oil prices. And going into today's OPEC meeting in Vienna, oil market analysts assumed there would be agreement to increase production and bring prices down a bit. So when ministers emerged from behind closed doors and announced they could not reach agreement, oil prices rose sharply.

OPEC Secretary-General Abdalla El-Badri, speaking to reporters after the meeting, sought to calm fears about supply.

Mr. ABDALLA EL-BADRI (Secretary-General, OPEC): We have enough stocks. The stock is about two and a half or three days of our five-year average. We have, you know, enough supply in the market. There is no shortage whatsoever.

Source: NPR

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