OPEC meet kicks off at Vienna, outcome will be crucial for various sectors

The crucial OPEC meeting at Vienna kicks off at its secretariat in presence of the members and/or their delegates. The meet to be chaired by the Secretary General of OPEC is crucial for the global oil and gas companies having greenfield projects and also not having greenfield projects. The meeting is also being closely monitored by airliners across the globe including airliners operating in India. This time the meeting of November 30 is going to be highly crucial also for the non-OPEC entities as high-drama continued during the first phase of the meeting on November 28 when Saudi Arabia had pulled out from the meeting with non-OPEC oil producing nations. Interestingly, only two years back, oil prices plummeted after OPEC voted in favour of continued production and things have changed so drastically since then that in today's meeting which kicked off at 2pm IST, OPEC may end up voting in favour of a production cut considering the global energy scenario and less market recovery. Meanwhile early on Wednesday, oil prices rose by nearly 2 per cent following Iraq's statement that there is now a strong possibility of OPEC entities reaching a consensus on the cut in production of oil. Stocks of the oil and gas companies in India including the airliners have shown a topsy-turvy move all across the market hours till before the OPEC meet kicked off. The meet if ends in a consensus may help the petroleum products users including airlines, transportation, chemical and also pharmaceutical sectors. However, depending the outcome of the meeting, prices of oil may swing either way once OPEC announces the updates on the Vienna meet. The main reason of worry for OPEC members when it comes to cutting production is handing over control of oil production and business to non-OPEC entities and this has been causing many differences in opinion among the 14-membered body.