Ministers from oil exporting countries have been scheduled to meet in Vienna, Austria on Thursday.

The meeting is intended to discuss oil production cuts amid increased competition from U.S. shale producers.

According to the information available on the Organisation of the Petroleum Exporting Countries website, it is the organisation’s 172nd meeting.

The OPEC Secretariat calculations states that the price of OPEC basket of 13 crudes stood at $50.87 a barrel on Friday, compared with $49.87 the previous day (Thursday)