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                            OPEC Fails to Reach Deal

   by Jim Randle

   Members of the Organization of Petroleum Exporting Countries failed to
   reach a deal to curb oil production in an effort to boost prices
   Thursday.

   The OPEC meeting in Vienna came after a couple of years of falling oil
   prices have hurt energy companies and oil exporting nations.  Prices
   plunged from well over $100 a barrel to around $26 because oil
   production has been greater than demand for petroleum products.  The
   cartel controls more than one-third of the world's oil, and previously
   was able to keep prices high by agreeing to limit production.

   Oil prices had recently rebounded to around $50 a barrel, but fell
   somewhat after OPEC's failure to make an agreement.  Analysts say
   friction between two key oil producers, Saudi Arabia and Iran
   complicated efforts to reach a deal.  Saudi Arabia is a Sunni Muslim
   nation while Iran is overwhelmingly Shi'ite Muslim.

   OPEC member nations did agree to appoint Nigeria's Mohammed Barkindo as
   its new secretary-general.
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   [1]http://www.voanews.com/content/no-deal-for-open/3358849.html

References

   1. http://www.voanews.com/content/no-deal-for-open/3358849.html