THE LONELY GUY:

OPEC Decides Not to Cut Production Quotas (Steven Mufson, 6/02/06, Washington Post)

Ministers from the Organization of Petroleum Exporting Countries said at their meeting in Venezuela yesterday that the oil group that produces 40 percent of the world's oil would keep its production quotas unchanged at 28 million barrels a day. [...]

The only OPEC member pushing for cuts in output quotas was the meeting's host, Venezuela, but oil traders noted that Venezuela probably favored a cut in quotas because it has been unable to produce enough oil to meet its share of the organization's quota allotments. Morse estimated that Venezuela, OPEC's third-largest producer, was falling at least 300,000 barrels a day short of its quota because of technical problems it has had since an oil workers strike three years ago and more recent disputes with foreign operators.