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 OPEC Refused to Support Russia: Oil Production Will Not Be Reduced

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The Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna has decided to maintain the current oil production quota at 30 million barrels a day.

This was announced by Kuwaiti Oil Minister Ali Saleh Al-Omair, Censor.NET reports citing RIA Novosti.

"No change," he said, answering the question on the decision.

The current OPEC quota for production is 30 million barrels a day. In the past five months the oil price fell by nearly $40 per barrel. Against this background, the meeting of OPEC, responsible for more than one-third of world production, could be one of the turning points, which would determine the development of the world oil market in the short term.

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

The trading data shows that the price of Brent crude oil decreased by more than 3% after the announcement of the OPEC's decision to maintain current production quotas.

Cost of January futures for North Sea Brent crude oil mix as of 5:54 p.m. MSK fell by 3.52% - to $75.10 per barrel.

OPEC unites eight countries of the Middle East and North Africa, Nigeria, Angola, Venezuela, and Ecuador - a total of 12 members.


 
 
 
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