OPEC members met in Vienna Wednesday (June 8th) and concluded "one of the worst meetings" after they failed to agree upon increasing production, Saudi Arabia's oil minister said.
Saudi Arabia, Kuwait and the UAE suggested an overall increase of 1.5 million barrels per day to reach a daily total of 30.3 million barrels, but the seven other OPEC members rejected the proposal, saying they wanted to keep production levels unchanged, wire agencies reported.
Production increase supporters want oil prices to return to $80 per barrel while Ecuador, Venezuela, Iran, and Iraq want to maintain the $100 per barrel price, according to al-Jazeera.
"We were unable to reach an agreement," said Saudi oil minister Ali al-Naimi. "This is one of the worst meetings we have ever had."
Ecuador's Oil Minister Wilson Pastor, who opposed the increase, said, "We do not know what will happen with demand in the next few months."