By KUNA
Vienna : The 147th extraordinary meeting of OPEC oil ministers kicked off here on Friday, with fluctuating oil prices over the past couple of days expected to cast their shadows on the one-day session.
The meeting coincides with increasing concern in international oil markets over the future of global economy.
OPEC is finding it difficult to maintain prices of crude oil at reasonable levels, especially as there were factors beyond the organization’s control such as supply and demand, which brought the price of the barrel close to USD 100.
And while consumers demand a raise in the production ceiling, OPEC seems to be standing its ground and is refusing to increase production, saying that there was sufficient supply in the oil market.
Oil ministers have hinted at a semi-consensus over keeping the production ceiling at its current level.
In today’s meeting, the ministers are expected to discuss supply and demand, the availability of crude oil in the international market, means to stabilize prices in light of political, psychological and climatic factors, as well as speculations that have had a negative toll on the market.
The ministers are expected to reiterate their keenness for maintaining supply and stabilizing prices of oil at a level that is satisfactory to both producers and consumers, alongside coordinating oil policies among OPEC member states.