Some 500 delegates have assembled for the three-day biannual conference beingco-hosted by
India and Mexico.

OPEC ministers say oil price may soon even go higher, and that the price is beyond their control as there is enough oil on the market.

Oil prices have more than quadrupled since 2002 as supply struggles to keep up with the booming demand.

Meanwhile, Chakib Khelil OPEC President has confirmed that the cartel is unlikely to raise production.

Source: DDNEWS

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) -- suspended its membership from December 1992-October 2007; Angola (2007); and Gabon (1975–1994).