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Austria: 171st OPEC ministerial meeting commences in Vienna01:45

Austria: 171st OPEC ministerial meeting commences in Vienna

Austria, Vienna
November 30, 2016 at 11:55 GMT +00:00 · Published

The 171st Organisation of the Petroleum Exporting Countries (OPEC) ministerial meeting was opened in Vienna on Wednesday, by the group's president Dr. Mohammed Bin Saleh Al-Sada.

Al-Sada noted the importance of the group's last meeting where the Algiers accord was signed. The accord's focus was on "accelerating the drawdown of the stock overhang [and] of bringing the market rebalancing forward," according to the president.

Under the Algerian proposal, the 14 member countries of OPEC would cut production to 32.5 million barrels per day, down from their October level of 33.6 million. A deal on the practicalities of the accord is expected to reached in Vienna, where differences between Saudi Arabia, Iran and Iraq - the group's biggest producers - are set to be resolved.

Austria: 171st OPEC ministerial meeting commences in Vienna01:45
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The 171st Organisation of the Petroleum Exporting Countries (OPEC) ministerial meeting was opened in Vienna on Wednesday, by the group's president Dr. Mohammed Bin Saleh Al-Sada.

Al-Sada noted the importance of the group's last meeting where the Algiers accord was signed. The accord's focus was on "accelerating the drawdown of the stock overhang [and] of bringing the market rebalancing forward," according to the president.

Under the Algerian proposal, the 14 member countries of OPEC would cut production to 32.5 million barrels per day, down from their October level of 33.6 million. A deal on the practicalities of the accord is expected to reached in Vienna, where differences between Saudi Arabia, Iran and Iraq - the group's biggest producers - are set to be resolved.

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