The Organization of the Petroleum Exporting Countries announced that the group's next Ordinary Meeting will be held in Vienna, Austria, in June 2015, immediately after the OPEC International Seminar on “Petroleum: An Engine for Development”.
MOSCOW, November 27 (Sputnik) — The next Ordinary Meeting of the Organization of the Petroleum Exporting Countries (OPEC) will be held in June 2015, the group's official news release stated Thursday.
"The Conference resolved that its next Ordinary Meeting will convene in Vienna, Austria, on Friday, fifth June 2015, immediately after the OPEC International Seminar on “Petroleum: An Engine for Development” which will take place at the Vienna Hofburg Palace on third and fourth June 2015," the official release said.
At the Thursday meeting in Vienna OPEC decided to keep the current daily oil production ceiling of 30 million barrels, immediately causing the price of Brent crude to fall below the benchmark level of $75 per barrel.
The decision was made Thursday amid the slump of oil prices on the global market. Over the past five months oil prices have dropped by about $40 per barrel.
Accounting for around 40 percent of global oil output, OPEC currently comprises 12 members, namely Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela.