As reported earlier, the much awaited oil production increase by the OPEC has fallen apart. Oil prices have breached the $100-a barrel mark after OPEC declared that it cannot seal an agreement about raising crude production.
This quarterly meeting of OPEC was closely monitored worldwide and the cartel was under immense pressure to raise production to combat the rising price of the crude oil. However, the members are unable to reach a decision to do so.
It is learnt that the OPEC ministers will take another three months before considering any production increase.