OPEC splits over output, previous mistakes haunt ministers

0 Comments | AFP, September, 2007

VIENNA (AFP) — The ghosts of Asia's 1997 financial crisis haunted an OPEC meeting here on Tuesday as members of the oil cartel split about whether to raise output to help cool surging crude prices.

OPEC ministers were locked in tense negotiations on whether the 12-member exporters' club should pump more oil amid uncertainty about future demand.

"Everything is on the table, but there is no consensus," said Venezuelan Energy Minister Rafael Ramirez, who opposes an increase, during a break in talks.

A majority of ministers have publicly dismissed pressure from consuming nations for higher supplies, but Saudi Arabia, the biggest producer in the 12-member cartel, is believed to favour an output increase.

A source close to the talks told AFP one option...