At the meeting Vienna, Opec members will debate whether to lift the 18-month-old production cap to stabilize prices
As the Organization of Petroleum Exporting Countries (Opec) prepares to meet on June 22, its members are looking at a very different world than just a few years ago.
The massive oil supply glut – and rock bottom prices – is gone. The global economy is stronger, fossil-fuel energy demand is at a record high, and the nuclear deal that allowed Iran, an Opec member, to start selling oil again is in tatters. After falling to sub-$30 a barrel in early 2016 for Brent, the global benchmark, and West Texas Intermediate, the US benchmark, oil prices have risen to about $76 and $67 a barrel respectively.