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 Oil Exporters Have not Agreed to Reduce Volume of its Production

Representatives of Mexico, Russia and the OPEC member-countries - Venezuela and Saudi Arabia, have not agreed Tuesday, Nov. 25 to scale down the oil production. The meeting in Vienna was the "black gold" exporting countries’ response to the rapid drop in prices of these raw material on the world markets.

Censor.NET reports citing Deutsche Welle.

Read also: Oil Prices Could Slide to $60 per Barrel if OPEC Does not Agree Significant Output Cut Thursday - Reuters

"We discussed the situation in the market, exchanged views. We need to stay in touch. We agreed to meet again in three months," Venezuelan Foreign Minister and former president of the Venezuelan state concern Petróleos de Venezuela (PDVSA), Rafael Ramirez told the reporters after talks.

According to him, all the meeting participants agreed that the current price of "black gold" is too low, but none of those present at the meeting did not agree to reduce official oil production quotas.

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Besides Ramirez the talks in Vienna were attended, in particular, by the head of Rosneft Igor Sechin, Russian Energy Minister Alexander Novak and Mexico Energy Minister Pedro Joaquin Coldwell.

The world markets reacted to the results of the meeting by dropping the energy prices. In particular, the cost of a barrel of Brent crude oil fell by more than a dollar nearly reaching 78-dollar mark.

Read also: Arab Discounts Brought Oil Prices Down

 
 
 
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