Divisions within OPEC signal the group will probably keep itscrude production ceiling unchanged tomorrow as falling prices limitSaudi Arabia's ability to justify a higher quota.

Iran, facing a European Union embargo on its oil exports, andVenezuela have been joined by Iraq, Angola, Libya and Ecuador insaying that global crude supplies are already excessive. Thegroup's biggest producer, Saudi Arabia, is pumping near its highestlevel in three decades and said June 11 that there may be a need toboost the target.

Leaving the production quota unchanged may be the likeliestcompromise because it allows smaller producers to protect revenueafter Brent crude's 23 percent decline since March, whilepreventing a price rally that would curb economic growth. The 12members of the Organization of Petroleum Exporting Countries aremeeting in Vienna a year on from a gathering that ended withoutconsensus, prompting Saudi Oil Minister Ali al-Naimi to say that itwas “the worst” he had ever attended.

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