Ministers of OPEC nations are meeting in Vienna on Thursday to set a formal oil output target. The 13-nation group believes the global oil market will become better in the second half of the year, and 2016 will be a year of correction.

Global crude output has been reduced due to recent strikes in Kuwait, wildfires in Canada, disruptions in Nigeria and lower production in Colombia. The price per barrel touched 50 dollars last week for the first time in six months.

The OPEC meeting may see a new secretary general to replace Abdalla El-Badri, a Libyan who has been in the post since 2007.