Having effortlessly transitioned into acting, Fouzia's debut film swiftly captured global acclaim, earning accolades at the prestigious Cannes Film Festival
The Organisation of Petroleum Exporting Countries (Opec), whose 12 member nations pump one third of the world’s crude supplies, will meet on Thursday in the Austrian capital where the group is headquartered.
At their last gathering in December, Opec members agreed to hold actual output at 30 million barrels per day, citing an uncertain demand outlook.
Experts predict Opec this around will again make no move, keeping its official output target at 24.84mbpd — where it has stood for more than three years — despite sharp price falls 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 deteriorating global economic outlook. The market remains on tenterhooks over the eurozone crisis, with all eyes on upcoming Greek elections on June 17.
It must also factor in the news that Spain has secured a European lifeline of up to €100 billion to save its stricken banks, following an emergency eurozone conference call on Saturday.
Inenco analyst Gary Hornby argued that Opec would be happy to maintain the status quo because a low oil price was needed to boost growth. Brent oil briefly spiked to $128 in March, hitting levels not reached since July 2008 on supply jitters, but it has since slumped by about a quarter to strike 17-month lows. “Although oil prices have dropped below $100 per barrel recently on economic concerns, there seems little sign of any production fall,” Hornby said.
Prior to this week’s meeting, Opec will host a seminar at Vienna’s Hofburg Palace with representatives of leading oil consuming nations and bosses from top energy companies such as Royal Dutch Shell and Total.
Having effortlessly transitioned into acting, Fouzia's debut film swiftly captured global acclaim, earning accolades at the prestigious Cannes Film Festival
Parag, who reached his 50 off 34 balls, cracked 25 runs with three fours and two sixes off the final over bowled by star South Africa paceman Anrich Nortje
Fans were left scratching their heads when Mumbai opted to take Bumrah out of the attack after he bowled the fourth over
With the help of modern equipment, manicured golf courses and elite athletes the scores are getting lower and the game becoming even more captivating
With 10 matches remaining Arsenal lead a three-way title race having won eight successive games
Three separate Israeli strikes on Wednesday, including on a health centre in the border village of Habariyeh, killed 11 civilians
Netanyahu tries to soothe a rift with Biden as he plans to send a government delegation to Washington after earlier cancelling the trip
Among the 24 horses Japan has sent to Dubai is impressive Riyadh Dirt Sprint winner Remake who eyes a Middle East double