Calls are growing for a "fair price" for oil as OPEC ministers meet in Vienna to review production levels.

Iraq, Venezuela and Angola are among OPEC nations backing a price of $75-$80.

The price of Brent crude hit a high of around $114 a barrel last June before crashing spectacularly at the beginning of this year to $47.

The price has since stabilised at around $65.

OPEC's top producers, led by Saudi Arabia, are resisting calls to tighten the taps and drive up prices further.

The 12-nation cartel, which accounts for around 40 per cent of world supply, is concerned that any drop in their production will be filled by outside players, such as the US and Russia.

So have OPEC's priorities shifted from setting production limits and prices to best support producers and consumers, to a more self-centred focus on retaining market share?

Presenter: Martine Dennis


John Sfakianakis - Middle East director for the Ashmore Group and a former adviser to the Saudi government.

Sean Evers - Managing Partner at Gulf Intelligence.

Mamdouh Salameh - international oil economist who has worked as a consultant to the World Bank.

Source: Al Jazeera