By Micah HalpernI've Been Thinking:
OPEC had their meeting on Friday and the 14 oil nations could not agree on a central issue.
Iran and Iraq want to continue to produce more oil. They need the money - their main source of revenue is oil.
The other members said that Iran and Iraq need to hold to their production quotas to keep the market stable. This is especially true now as the price of oil is increasing --- if they flood the market with more oil, the price will certainly drop.
OPEC set another meeting for November 30.
In the meantime OPEC members will meet with other oil producing countries.
OPEC is trying to collude, they want to confirm that all oil producing countries are on the same page.
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