24 Apr 2024
Thursday 2 June 2016 - 09:47
Story Code : 216643

169th OPEC session to take place in Vienna on Thursday

The oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) are set to meet in the Austrian capital of Vienna on Thursday for its 169th session, with sources telling Sputnik that oil production freeze and electing a new leader are priority issues on the events agenda.

VIENNA (Sputnik) OPEC and major non-OPEC oil producers met inApril inthe Qatari capital ofDoha where they failed toagree onfreezing oil output atJanuary levels toshore upprices. Saudi Arabia backed outof the deal, insisting that Iran, which has been boosting oil production afteryears ofinternational sanctions, should be part ofany production cuts.

"The first [issue] is the situation onthe oil market, afterthe meeting inDoha the organization has tomake a decision how toreact tothe unfolding situation onthe oil market and fluctuations incrude prices Regarding the issue offreezing the oil prices, all options are onthe agenda and will be discussed," a source inone ofthe delegations told Sputnik ahead ofthe event.

According tothe source, the other issue will be the election ofthe new chief ofthe organization toreplace Abdalla Salem Badri, who was set toretire since2013 buthad stayed onbecause the cartel was not able toagree ona new leader.
"Currently there are several candidates forthis post, firstly Saudi Arabia, Iraq and Iran. These countries have been onthe list forelections inprevious years. Speaking ofthe latest [candidates], those are Indonesia, Nigeria and Venezuela," the source explained.

During the cartels 168th session that took place last December inVienna, the sides discussed Irans return tothe global oil market, aswell aswelcomed Indonesia back intothe organization afterit suspended its membership in2009.
By Sputnik
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