Oil ministers of the Organization of Petroleum Exporting Countries, or OPEC, are expected to keep the production ceiling at its current level in their meeting Tuesday due to recession and a decline in demand, Jeddah-based Okaz daily reported Monday citing an economist.
Reports about a decline in global demand especially in the U.S., in addition to the global economic recession will feature at the OPEC meeting which comes at a time of unstable and falling oil prices, the report said citing Mohammad Ramadi, professor of finance and economics at the King Fahd University of Petroleum and Minerals.
The improvement in the exchange value of the U.S. dollar is another factor prompting producing countries to keep current production levels, Okaz reported.