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Energy

April 12, 1993|From Times Staff and Wire Reports

OPEC Attempts to Salvage Accord: OPEC oil ministers were meeting in Oman today to try to rescue their latest production agreement, which is in danger of falling apart after allegations of flagrant quota busting. Ministers hoped they would be able to preserve the accord and avert a production free-for-all which would be likely to cause a drop in prices from current levels of around $19 for a barrel of the benchmark Brent Blend of crude oil. Kuwait has said it will feel free to ignore its quota if it does not get firm evidence of better discipline by others in the 12-nation Organization of Petroleum Exporting Countries.

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