OPEC Begins Meeting to Set Oil Output Quota

OPEC ministers began here on Wednesday their 140th official meeting, an AFP journalist witnessed, during which the cartel is expected to decide to maintain its official oil output quota of 28.0 million barrels per day.

The 11-member Organization of the Petroleum Exporting Countries was set to keep crude production at a near 25-year high owing to tensions in key oil producers Iran and Nigeria that have recently fuelled high crude prices.

OPEC, which is headquartered in Vienna, comprises Saudi Arabia, Iran, Venezuela, Kuwait, the United Arab Emirates, Iraq, Nigeria, Libya, Indonesia, Algeria and Qatar.

Source: AFP

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