OPEC will likely maintain its current output unchanged when oil ministers of member countries hold their meeting here today. The meeting is to be chaired by UAE Energy Minister Mohammed bin Dhaen Al Hameli, the organisation's current President.
Al Hameli affirmed OPEC's commitment to the 1.7 million bpd cut decided last year during the organisation's meetings in Doha and Abuja. He predicted that global demand will drop by 1.7 million bpd for "seasonal reasons, but OPEC will act properly in case of any drop." Meanwhile, Al Hameli held talks with a number of OPEC ministers who arrived yesterday. For the first time, Angola will take part in the meeting as a full OPEC member
(Emirates News Agency, WAM)
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