Oil Ministers of OPEC to meet in Vienna

June 16, 2012

Oil Ministers of the 12 oil exporting group OPEC will meet in Vienna

It is expected that the group will maintain the ceiling of 30 million barrels oil production per day for the member nations
International Energy Agency based in Paris asserted in its report that the market is better supplied and it would be wise for OPEC to maintain the crude output at the existing levels
OPEC meeting is held in the wake of 24 % decline in crude oil prices over the last one month
Brent Crude plunged to around $83 a barrel
Iran and Venezuela inclined to cut the output to increase the prices
However, Saudi Arabia and majority of the other OPEC nations do not intend to disturb the current oil O/P in order to aid the global economic recovery
As per experts several factors like Eurozone crisis, imminent oil sanctions on Iran, increase in crude oil produce by Saudi Arabia, Iraq and Libya have helped maintain the prices below $100 barrels per day and OPEC is likely to maintain the trend to help the global economic recovery