OPEC finalizes new long-term strategy at Vienna meeting

"OPEC’s Board of Governors has finalized a new and comprehensive long-term strategy (LTS) at a meeting held in Vienna on 2 November 2016. The document will be submitted for approval at the next OPEC Ministerial Conference to be held on 30 November 2016," the press release said.

According to the press release, the LTS "provides a coherent and consistent framework for the realization of the Organization’s mission", sets specific goals, as well as monitors energy market trends.

The development of the strategy has been conducted during two years through a series of high-level meetings. This is the third edition of the organization’s LTS. The first such document was adopted at the 137th meeting of the OPEC in September 2005, while the second edition was approved at the 157th meeting of the organization in October 2010.