VIENNA (Sputnik) — OPEC members are holding their meeting in Vienna on June 5 amid growing concerns over market stability and global oil oversupply that led to a recent oil price slump.
Since summer 2014, global oil prices have dropped dramatically due to oversupply in the market. Despite concerns, OPEC stood against oil production cuts and in November 2014 decided to keep output levels unchanged. The move boosted a further drop in oil prices, which recovered slightly in recent months.
Currently, OPEC comprises 12 countries, namely Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela. The organization accounts for about 40 percent of the world’s crude oil output.