OPEC fails to clinch deal on supplies

Vienna: Opec oil ministers ended a meeting on Thursday without reaching any kind of consensus on regulating the price and supply of crude, a result that triggered an immediate drop in energy markets. As the ministers gathered in Vienna, comments by some suggested that the oil cartel would send a message of unity on regulating the market after not being able to do so for years.

But a statement read at the end of their meeting made no concrete pledges, emphasising only the need for members to work for a stable market. The price of oil fell sharply upon the news. The US benchmark was down 88 cents at $48.14 a barrel. Thursday’s events suggested Opec was no closer to re-asserting its unity and restoring its image as the major player in determining oil prices for the rest of the world. The meeting ca-me amid a recent recovery in the price of oil. Since touching a 13-year low early this year, it has rallied 90 per cent to $50 a barrel.