OPEC Will Disclose The Mystery !!!!

A much anticipated meeting of the Organization of Petroleum Exporting Countries got under way Wednesday morning, but the latest remarks by various oil ministers failed to dispel the mystery surrounding the group's next move.

At issue is whether OPEC will officially raise its oil-output quota, and if it does, by how much. Usually, a consensus is achieved before the meeting begins and is signaled to oil markets
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The behind-the-scenes discussions leading up to Wednesday's meeting, however, have been marked by an exceptional level of uncertainty, underscoring the challenges confronting the group as it considers opposing economic forces and their influence on oil prices.

The lack of a clear direction has deepened the traditional divisions between the members of OPEC, which supplies about a third of the world's crude oil.

In an unusual move, Saudi Arabia's Oil Minister Ali Naimi declined to take questions from reporters as he entered OPEC's headquarters.

"Don't waste your time, go talk to someone else," Mr. Naimi told reporters at a morning briefing. Mr. Naimi typically uses the morning briefing to give his perspective on oil-market dynamics.

But on Wednesday Mr. Naimi said the decision will be revealed at a press conference, following the meeting, slated for 4 p.m. CET. He also complained of a sore throat. Mr. Naimi has offered no public comment in recent days, which is unusual in the lead-up period to an OPEC meeting.

The official OPEC meeting was underway as of lunchtime Wednesday. Omran Abukraa, who is expected to represent Libya at the meeting, was a no-show at the start. Libya's representative, however, was en route at midday, according to three people familiar with the matter. OPEC doesn't plan to take a final decision without Libya's presence, these people said.

A ministerial panel on Tuesday formulated recommendations for an output increase of one million to 1.5 million barrels a day, although it's unclear whether the suggestion applies to the quota or actual production. The 11 OPEC nations bound by the quota—Iraq is exempted—are estimated to already be pumping 1.5 million barrels a day above the allotments totalling about 24.85 million barrels a day.