The Organization of the Petroleum Exporting Countries doesn’t stir as much fear in oil markets it once did, but it still has the power the shake up oil prices. On Monday, officials from OPEC and other oil producers including Russia will begin two days of meetings in Vienna. The producers are all but certain to continue their production cuts, aimed at shoring up prices in the face of relentless increases in supply from outside the organization, especially the United States. Markets will pay close attention because officials representing about half of the world’s oil output will be meeting under the same roof and haggling in the luxurious hotels of the Austrian capital. Anything unexpected at the meeting could send ripples through the energy and financial markets.

Source: International New York Times June 29, 2019 17:37 UTC