In an effort to tackle a looming oil supply shortage, the Organization of the Petroleum Exporting Countries (OPEC) will be discussing output levels at its biannual meeting in Vienna on June 22–23. The cartel is expected to unwind its production cut agreement to calm oil prices.
New U.S. sanctions on Iran and a plunge in Venezuelan crude production have raised fears of a global supply shortage, sending prices above $80 a barrel in May. Some even speculated that oil prices could jump to and go beyond $100 per barrel next year.
