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Summary War in Middle East may affect OPECs attempts to forge a new oil output deal in Vienna.
Analysts believe the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) will draw on a tradition of finding common interest in staving off an oil price collapse or cooling an overheated market that can destroy demand for its multi-billion dollar exports.The 50 year-old group has held together through two Gulf wars involving its members and the protracted, bitter Iran-Iraq conflict that claimed the lives of hundreds of thousands. OPEC oil ministers still sat around the same table. While Arab world turmoil has complicated the quest for an output deal and could limit the scope of any agreement, analysts say it has also made it important for OPEC to muster a show of unity.With prices around $115 a barrel for Brent there could be an output increase to help meet an expected rise in demand and tightening of supply in the second half of this year
