OPEC has a variety of discussion topics on its agenda during the 169th meeting of the OPEC conference on Thursday.
'The Organization has received a request from Gabonese Republic for it to rejoin the organization. This will be discussed in our closed session later today,' Mohammed Bin Saleh Al-Sada, president of the 169th meeting of the OPEC conference said in his opening remarks.
Global oil price climbed by 0.60 percent to $50.02 at 09:42 GMT after the OPEC meeting started.
Although no production cut is expected, the market is awaiting the outcome of the meeting.Today’s meeting will review the developments of the past six months, and analyze the outlook for the remainder of 2016, he added.
'We shall study the OPEC Secretariat’s report made at today’s meeting, as well as, review a number of broader developments,' he revealed.
The agenda topics include, December’s COP-21 agreement in Paris.
The climate agreement aimed to counter the threat posed by climate change, 'which all OPEC Member countries were part of,' Al-Sada said.
'OPEC welcomes this agreement. We are committed to playing a part in protecting the environment, supporting sustainable development, and developing a realistic energy path in the decades ahead,' he added.
'We hope the talks that have evolved over the past year or so with non-OPEC producers, will continue,' he stated.
It is important to maintain all possible avenues for cooperation and understanding for the benefit of OPEC countries in particular, and the world at large, he added.
By Zeynep Beyza Kilic
Anadolu Agency
zeynep.karabay@aa.com.tr