Oil markets brace for Opec summit

Riyadh: The third summit of the Organisation of Petro-leum Exporting Countries (Opec) will be held in Riyadh, Saudi Arabia, on November 17 and 18.

So far, 12 out of the 13 Opec members have named their representatives for the meeting.

Global oil markets are hoping the summit will address issues pertaining to the global oil supply in the light of escalating crude prices.

The Riyadh summit comes seven years after the second meeting held in the Venezuelan capital of Caracas. The first Opec meeting was held in Algeria in 1975.