OPEC ministers meets in Vienna to cut crude oil supply



Vienna: The Organisation of Petroleum Exporting Countries (OPEC) began its ministerial conference here on Wednesday to adopt measures to reduce excess supply to drive petrol prices upward.

Sector Ministers of the 14 OPEC member countries sought to overcome their differences in how to apply a cut in crude oil production, the first since 2008, after reaching a preliminary agreement in September.

The idea is to limit the production to a level of between 32.5 and 33 million barrels per day (mbd), starting January 2017, from the record volume of 33.64 mbd reached in October, Efe news reported.

The difficulty lies in establishing how many barrels each partner should withdraw from the market, with conflict between Saudi Arabia and Iran on the matter.


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