OPEC, founded five decades ago to unify oil producers, risks dividing members as the group plans to cut output and raise prices just as developed nations face their worst recession since 1983.
Iran’s energy minister, Gholamhossein Nozari, said Tuesday that OPEC may slash output quotas by 2.5 million barrels a day, or 8.7 percent, an amount about equal to what’s pumped from Kuwait. The Algerian minister and OPEC president, Chakib Khelil, said two days earlier at the group’s Oct. 24 meeting in Vienna that the reduction may be only 1 million barrels.
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