December 4, 2013 8:43 AM

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OPEC meet in Vienna today to decide on oil output for next year

The Organization of Petroleum Exporting Countries, OPEC meets in Vienna today to decide on its oil output for the next year. OPEC supplies nearly 35 percent of world's oil and is expected to maintain its output ceiling of 30 million barrels per day. Ahead of the ministerial meeting, Kuwait Oil Minister Mustafa al-Shamali said he did not expect OPEC to alter its production level. The largest producer and exporter, Saudi Arabia has maintained that the current output and the price at 100 dollar per barrel is alright for the producers, without too much burden on the consumer.

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