Oil industry giants meet in Vienna

Ministers from several oil producing countries are to meet today (June 8th) to decide if production needs to be increased.

The Organisation of the Petroleum Exporting Countries (Opec), which includes many countries in the Middle East and supplies a third of the world's oil, will discuss a potential increase in production and the sharp rise in prices at their discussion in Vienna.

Ahead of an announcement, it is unclear what the outcome will be for the oil industry, with Kuwait's oil minister Mohammad al-Busairi and United Arab Emirates' oil minister Mohamed bin Dhaen al-Hamli claiming that output should increase as the current situation is "tight".

However, many other ministers claimed that there is little or no need to increase production within the oil industry.

Ahead of the meeting head of Iran's Opec delegation and this year's president, Mohammad Aliabadi, said that "the market remains well supplied with ample spare capacity," blaming high prices on speculators.