The Organization of Petroleum Exporting Countries, or OPEC, is set - TopicsExpress

The Organization of Petroleum Exporting Countries, or OPEC, is set to meet in Vienna this week. Top of the agenda is sliding global oil prices. An increase in oil output has seen prices drop 27 percent this year. Irans State run news agency is reporting that Iran may propose cuts to OPECs daily output target by up to a million barrels a day. OPECs biggest member, Saudi Arabia will consult with the Iranian oil minster before the talks commence. With oil trading at a four year low, dropping below $80 a barrel last week, analysts are expecting that OPEC members will seek outputs cuts in order to stabilize the markets. OPECs 12 member nations currently produce around 40 percent of the worlds oil supplies.

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