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OPEC gathers in Vienna for output cut negotiations

On Friday, the Organization of the Petroleum Exporting Countries is going to kick off a two-day gathering of experts designed to hammer out the further details of an eventual agreement on crude output freezes and cuts by member countries.

OPEC members were expected to have a meeting on Friday with invited non-OPEC producers supposed to join the group on Saturday to proceed with discussion.

OPEC sent an invitation to up to 12 non-cartel states including Azerbaijan, Russia, Egypt, Kazakhstan, Oman, Bahrain, Mexico, Colombia, Tobago, Trinidad, Norway, Bolivia, Canada and Norway.

Mexico, Kazakhstan and Russia were reported to have confirmed their attendance while Norway made up its mind not to participate.

The two-day meeting turned to be the result of a verdict made by OPEC on the sidelines of the International Energy Forum held in Algeria on September 28 to set an output ceiling of 32.5-33 million barrels a day.

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