OPEC ministers make key output decision at Vienna meeting
Oil prices have fallen about 50 percent from their peak of $115 a barrel seen last summer, and an OPEC decision to keep production unchanged is likely to trigger a further oil price slump. Low oil prices mean huge losses for some of the world’s leading oil producers. To show the importance of today’s meeting for oil prices and the global economy, here is an RT infographic:
05 June 201517:56 GMT
Chemical engineer and journalist Rami Eljundi, explained to RT what complexities may lie behind OPEC’s decision to leave the level of oil production unchanged.
- 14:35 GMT
OPEC president Diezani Alison-Madueke and OPEC Secretary General Abdalla Salem El-Badri will speak to the press at 4pm GMT.
- 14:01 GMT
OPEC's decision not to cut production quotas will keep oil prices at the same level of $60-70 per barrel, “although we would like higher prices,” Gazprom Neft chairman Aleksandr Dyukov said.
- 13:36 GMT
— *Russian Market (@russian_market) June 5, 2015
- 12:31 GMT
RT’s Daniel Bushell in Vienna reports on what the OPEC decision means for US shale producers, who are facing break-even costs. He interviewed Ryan Lance, CEO at ConocoPhillips.
- 12:12 GMT
Iraq is satisfied with OPEC’s decision to leave output unchanged, Iraqi Oil Minister Adel Abdel Mahdi said.
- 12:05 GMT
Russian oil major Rosneft has no plans to adjust its 2015 budget, which is based on an oil price of $50 per barrel, after OPEC’s decision, the company said.
- 11:47 GMT
— Holger Zschaepitz (@Schuldensuehner) June 5, 2015
- 11:35 GMT
OPEC has not discussed Indonesian application to rejoin, said al-Naimi
Indonesia left OPEC in January 2009, after a sharp decline in oil production led to it becoming an oil importer, rather than an exporter.
- 11:32 GMT
OPEC leaves output unchanged, the next meeting is scheduled for December 4 - Saudi Arabia Oil Minister Ali al-Naimi.