Austria: Russian, Saudi energy ministers to hold talks ahead of OPEC summit

Members of the Organization of Petroleum Exporting Countries (OPEC) arrived in Vienna on Wednesday, ahead of Thursday's meeting where the major oil producers will discuss how to stabilise the world market.

The summit comes after US crude oil prices plunged 22 percent in November to trade around $52 a barrel [€46], down from a four-year high above $76 [€67] in early October.

Saudi Arabia, the de-facto leader of OPEC, is seeking an output production cut by at least 1 million barrels per day, while Russia is only ready for a symbolic cut.