VIENNA, Nov. 27 -- The 166th meeting of the Organization of Petroleum Exporting Countries (OPEC) Conference has begun in Vienna Thursday to discuss current oil price trends and provide an outlook for 2015.

In an opening address the President of the Conference Abdourhman Ataher Al-Ahirish said "ample supply, moderate demand, a stronger U.S. dollar and uncertainties about global economic growth" along with speculative activities have been the key factors in a trend in recent months of falling oil prices of almost 30 percent.

An improvement in the situation is however expected for 2015 as the organization expects the global economic recovery to continue, anticipating world oil demand will grow by 1.1 million barrels per day to 92.3 million barrels.

Al-Ahirish said however that if the more recent price trends were to continue, it could put expansion plans and investment projects at risk. He added the attendees of the conference will focus their discussions toward maintaining stability in the oil market.