[Lead-in] 1. One major issue that is causing worries to the global economy is the growing price of fuel. It's continuing to rise and hit record highs despite a pledge by oil producing countries to boost their outputs. The decision was reached at the recent meeting of OPEC ministers in the historical Iranian capital. It's Isfahan.
[Report] 2. 11 OPEC members, states, and 6 supervising countries gathered here to decide on oil related matters. The gathering focused on the fluctuations of the global market in recent months, stabilizing the price of oil, refining problems in oil consuming countries, and further expansion of ties between OPEC members.
[Hojatoolah Ghanimifard / Iran's National Oil Company] "We have to accept that when the increase of the price would be gradually, and could be predicted, nobody's gonna get hit by that. But the fact is that the sudden increase of the price that we have witnessed almost these past 2 weeks, it's gonna be a one of the major problems that many of the countries are gonna have."
3. Some oil producers were in favor of production increase. But many others were opposed to the move. The nations that buy from the organization of petroleum exporting countries were worried that high prices will depress their economy. Their leaders, therefore, put pressure on OPEC to increase supply. Saudi Arabia had been in favor of an immediate increase. Iran, Kuwait, and Nigeria suggested that any increase be delayed until May because of concerns about seasonal fluctuations.
4. The 135th gathering of OPEC was held in Iran where its western and eastern borders are under foreign occupation. The world's trust on Iran's stability was among reasons to choose the country for hosting the event. OPEC ministers finally agreed to raise production level by 500,000 barrels a day.
[Abdulah Al-Attiyah / Qutar's Oil Minister] "Today, it's a very higher price. And many consumers, especially the developing countries, is being affect very badly by high oil price."
5. Familiarity with the rich Iranian culture and tourism attractions of Isfahan among reasons to choose the city to host the event. Saeed Towfigh for the CNN World Report, Isfahan, Central Iran.
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