OPEC members to discuss oil market strategy in

24 November 2024

OPEC members to discuss oil market strategy in Vienna

14:23 04 December 2015 Read: 1839

OPEC members to discuss oil market strategy in Vienna

During the 168th meeting, the OPEC countries are expected to consider the official request by Indonesia to reactivate its full membership of the organization.

Indonesia became an OPEC member in 1962, before suspending its membership with effect from January 1, 2009. Its return to the organization would add almost 3 percent to the group`s oil output.

The 12-nation OPEC cartel of oil producers is also due to discuss Iran’s upcoming return to the global oil market in 2016, after financial and trade sanctions against it are lifted.

At its previous meeting on June 5, OPEC made a historic decision not to cut its oil production levels despite a slump in global oil prices. The decision was backed by Saudi Arabia and its Gulf Arab allies, who are eager to protect their market share against shale oil.

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