Organization of petroleum exporting countries OPEC ended its meeting on Wednesday without reaching agreement to increase oil production. The spokesman for the organization reported on Wednesday that their meeting ended in disarray. This is the first time the meeting of the organization has ended in disarray. The body is known to arrive to decisions based on consensus.
The spokesman for the body maintained that since the organization was unable to reach decision to raise oil production the present production level will be in force until the next meeting of the organization which will take place in about three months time. The secretary general of the 12 nation organization Al-Badri told journalists who were waiting for briefing at the end of the meeting that the meeting of the organization was deadlocked.
Already analysts are given different interpretations to the outcome of the meeting. Analysts who covered OPEC for 20 years said that this is the first time there will be sharp disagreement with the rank of the organization over policy issues. Others see it as a sign that the organization is weak and is the verge of collapse. It is believed that the outcome of the meeting will damage the image of the organization as a key player in the oil industry.
Already the market has reacted to the outcome of the meeting. The prices of oil went up in the international market.