The Organization of Petroleum Exporting Countries (OPEC) will hold 157th session at its headquarters in Vienna. Oil ministers from 12 countries will discuss oil extraction and prices after the global economic recession.
A source told RIA Novosti that the prices will most likely remain stable at $80 per barrel.
The previous session in Vienna this March decided to keep the quota for extraction at the same level as on January 1, 2009, that is 24.84 million barrels daily. The Oil Minister of Saudi Arabia said in Vienna that he is satisfied with the global oil price development. He said that $70-80 per barrel is just the ideal price to develop oil industry.
OPEC consists of 12 countries: Algiers, Angola, Venezuela, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, UAE, Saudi Arabia and Ecuador. The cartel covers 35% of the global demand for oil.
