OPEC members meet to discuss oil prices | News | Al Jazeera

OPEC members meet to discuss oil prices

Meeting in Vienna focuses on the declining prices of crude and whether to raise or maintain members' oil output ceiling.

    Organization of the Petroleum Exporting Countries (OPEC) members have gathered in Vienna in one of the most crucial meetings regarding oil in years as the price of crude slid more than 30 percent since June. 

    OPEC members are attempting to find a solution regarding the slump as big oil producers like Saudi Arabia, Iran and Venezuela are continuing to see losses.

    Russia has already lost between $20-$40bn from its budget due to the dip in oil prices. Russia, which is not an OPEC member, wants oil prices to go up but current European Union sanctions over its role in Ukraine are hurting this request.

    Al Jazeera's Jonah Hull reports from Vienna. 

    SOURCE: Al Jazeera


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