OPEC unexpectedly leaves crude production quotas unchangedJune 9, 2011 - 11:09 AMT PanARMENIAN.Net - Oil prices rose above $101 a barrel Thursday, June 9, in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged. Benchmark oil for July delivery was up 59 cents to $101.33 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained $1.65 to settle at $100.74 on Wednesday. In London, Brent crude for July delivery was up 12 cents to $117.97 a barrel on the ICE Futures exchange. Leaders of the Organization of Petroleum Exporting Countries, a cartel that controls about 35 percent of global crude output, surprised investors by deciding not to boost production quotas at a meeting Wednesday in Vienna. Analysts had expected an increase of between 1 million and 2 million barrels per day. Saudi Arabia, the group's biggest supplier, seeks an oil price range between $70 and $80 and supported an output hike. Meanwhile, Iran, the second-largest producer, and other OPEC members such as Venezuela and Algeria, sought to keep quotas unchanged. OPEC said the group was unable to reach a consensus and will discuss production levels again at its next meeting in three months, AP reported.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Related sections Latest news U.S. warns Georgia not to side with Moscow against the west  Georgia has been warned by the U.S. not to become an adversary of the west by falling back in line with Moscow.Power of One Dram sums up two-year program with Teach for Armenia Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for childrenMoscow slams EU mission in Armenia for “provocative activity” The EU mission is doing more and more against Armenia’s neighbors Russia, Azerbaijan and Iran, Mikhail Galuzin said.Yerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19. |
