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OPEC Summit in Vienna to Stabilise Prices

Wednesday 5 December 2018

VIENNA (Ruptly) — Members of the Organization of Petroleum Exporting Countries (OPEC) arrived in Vienna on Wednesday, ahead of Thursday’s meeting where the major oil producers will discuss how to stabilise the world market.

The summit comes after US crude oil prices plunged 22% in November to trade around $52 a barrel (€46), down from a four-year high above $76 (€67) in early October.

Russian, Saudi energy ministers will hold talks ahead of OPEC summit. Saudi Arabia, the de-facto leader of OPEC, is seeking an output production cut by at least 1 mln barrels per day, while Russia is only ready for a symbolic cut.

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