Opec to meet this week to review output levels
11 June 2012
Opec ministers will meet this week in Vienna to review the group's oil output levels as the global economy totters amidst fragile demand and oversupply.
The 12 nation group, which pumps a third of the world's crude supplies, is set to meet on Thursday in the Austrian capital where it is headquartered.
At its last meeting in December, Opec agreed to hold actual output at 30 million barrels per day, citing an uncertain demand outlook.
Opec is expected to make no move, retaining the official output target at 24.84 mbpd - where it has stood for over three years - despite falling prices that have cut precious revenues.
In recent weeks, oil prices have fallen sharply, hit by oversupply and demand concerns linked to the eurozone debt crisis and the worsening global economic outlook.
The markets remain edgy over the eurozone crisis, and are looking to the upcoming Greek elections on 17 June.