- The Oil Ministers of 12 OPEC countries are meeting in Vienna today to decide on the output for the next year. There are indications that the organization will maintain its output at the existing levels of 24.88 million barrels per day.
- The OPEC meeting comes in the backdrop of Euro zone crisis, economic slowdown, tensions over Iran, and the flow of oil from Libya.
- The 12 member cartel of oil exporting nations has been producing nearly 25 million barrels per day over the past three years. It is expected that the the current output target will be maintained to keep the oil prices around $100 per barrel.
About OPEC
- Organization of Petroleum Exporting Countries) is an intergovernmental organization of twelve developing countries made up of Algeria, Angola,Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
- OPEC has maintained its headquarters in Vienna since 1965
- Indonesia withdrew in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter again.
- According to its statutes, one of the principal goals is the determination of the best means for safeguarding the organization's interests, individually and collectively.
