World IN BRIEF : AUSTRIA : All in OPEC Agree to Observe Quotas
Ministers of the Organization of Petroleum Exporting Countries, wrapping up a two-day conference in Vienna, won a commitment from two maverick members to cut back on the excessive oil production that has helped trigger a slide in world prices. All 13 OPEC members pledged to honor a November agreement that set a production ceiling of 22.86 million barrels a day and assigned quotas to individual members. Production by the cartel has been well above that ceiling for most of this year, largely because two members, Kuwait and the United Arab Emirates, have ignored the quota system.
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