Member states of oil exporting countries have been scheduled to meet in Vienna, Austria on Thursday this week ahead of fears oil production cuts amid increased competition from U.S. shale producers.
Details from the OPEC’s website on Monday revealed that it is the organisation’s 172nd meeting where ideas and backups on how to manage American threats of glut production will be developed.
Nigeria and three other nations had been enjoying cut exemptions from OPCE due to observed hostilities within the oil producing regions.
The OPEC Secretariat calculations states that the price of OPEC basket of 13 crudes stood at $50.87 a barrel on Friday, compared with $49.87 the previous day (Thursday) last week.
However, oil it started on a strong footing this week ahead of the meeting next tomorrow following high demand from industries in Asia.
