The 175th meeting of Organization of the Petroleum Exporting Countries (OPEC) is set to kick off on December 6, 2018 in Vienna, Austria.
However, there is still a bit of uncertainty about what might come out of the meeting but one thing is for sure that each time the OPEC nations meet, it increases the volatility in the global crude oil prices.
OPEC was founded in Bagdad, Iraq in the year 1960 by the five major oil-producing countries — Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
The cartel is considered to be the most powerful players in the global supply of oil, as the organisation produces more than a third of global oil supply. Read More