• OPEC to keep oil flowing as price recovers

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    VIENNA: Organization of the Petroleum Exporting Countries (OPEC) was expected on Thursday to keep the oil gushing as a modest recovery in the crude price eases pressure on a cartel riven by Iranian-Saudi rivalry to cut output.

    Traditionally the OPEC, holding its bi-annual meeting in Vienna, has cut production to boost prices.

    But in the most recent drop, which has seen oil tumble from over $100 in 2014 to close to $25 in January, OPEC—driven by kingpin Saudi Arabia—has changed tack.

    Experts say the 13-nation group has kept the oil flowing in order to squeeze competitors — particularly US shale oil producers—and retain market share.

    AFP

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