OPEC Meet to keep Oil Price Stable

According to the OPEC meet on 28th May in Vienna, OPEC decided to keep production quotas unchanged in order to help the global economy. The group has completed 77 percent of its cuts, down from a revised 82 percent for March.

Oil and Natural gas are important source of energy. Due to increase in oil prices day by day had effected the badly effected Global economy. The Global economy needs its source of cheap energy in order to start growing once again, and more importantly, it needs consumers to spend their money on goods and services. OPEC's decision to stick to its targets had been widely expected.

Saudi Oil Minister Ali al-Naimi said. It’s the second time this year the 12-member group has met without revising that total. The Organization Of Petroleum Exporting also agreed to maintain the quota. Naimi said OPEC would hold its next ordinary meeting on September 9.