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OPEC to meet in Vienna on Thursday

15

Vienna: The members of Organization of the Petroleum Exporting Countries and other oil-producing countries are scheduled to meet here on Thursday to discuss ways to manage the oil output, supply glut and demand slowdown.

The meeting will likely to take key decisions as oil prices slide due to record production from Saudi Arabia, Russia and other countries and concerns pertaining to global economic growth.

US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

Over the past two months oil prices have plunged and a barrel of Brent crude, the European benchmark, currently stands at around 60US dollars.

However, OPEC’s third-biggest producer Iran has called to be excluded from any decision to cut production.

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