Eurovision News Events

Vienna, Austria - 27 November 2014

The Organization of Petroleum Exporting Countries, OPEC, is expected to meet in Vienna, Austria, on 27 November to debate supply.

Oil prices declined this year as supply expanded from the U.S.A to Libya. OPEC members Saudi Arabia and Kuwait have resisted calls to cut output while Libya, Venezuela and Ecuador have asked for action to prevent even lower prices.

Analysts are divided on what OPEC will decide in Vienna. Some are forecasting that the group will cut output with estimates for the reduction ranging from approximately half a million barrels a day to 1.5 million a day.

The 12-nation organization has a production target of 30 million barrels a day and supplies about 40 percent of the world’s oil.

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