Alegeria OPEC meeting: Oil market situation

Organization of the Petroleum Exporting Countries (OPEC) is to hold on Wednesday in Vienna its 162nd ministerial meeting, to assess the situation of the oil market and appoint a successor to Libyan Abdallah Al-Badri as the organization’s secretary general. The international oil organization, which agreed on an output ceiling of 30 million barrels per day for 12 country members on December 2011, would set a new ceiling considering the current situation of the market and the international economic prospects for 2013. "OPEC members are concerned by the financial crisis fallout in some regions, especially in Europe, and the issue of supply and demand balance for 2013," Minister of Energy and Mines Youcef Yousfi said Saturday. "The two points will be tackled during the next meeting, and I wish it would take the right decision in the interest of both exporting and consuming countries."