OPEC does not name the exact quota for oil production

VIENNA, 4 December. OPEC Ministers were not following the meeting to announce the parameters of the production quotas of oil cartel next year. The lack of a decision effectively means that the countries will maintain the current level of production (about 31.5 million barrels of oil per year) and will not be returned to the “ceiling” of 30 million barrels of oil per day, told journalists the President of OPEC, the oil Minister of Nigeria Emmanuel IBE Cacique.

“If you want, can supply the present,” he said following the conference that was perhaps the first in a long time, when the quota settings were not announced officially.

However, the President of OPEC did not rule out a further drop in oil prices to an extraordinary meeting of the organization, which will be held in the period from January to June 2016. “Oil prices may continue to fall, we admit it,” he said.

The cartel is ready to cooperate with countries outside the organization to reduce oil production, said the OPEC President Emmanuel IBE Cacique . According to him, now dialogue is possible, when the prices are so low. “Now we will work, to look at costs and so on,” he said.

The Iran Factor

OPEC has not accepted new decisions on quotas and will continue to monitor the market in the coming months, also said in a communique following the meeting of the members of the cartel. The absence of an OPEC decision due to the uncertainty of the return of Iran to the market, said OPEC Secretary General Abdullah al – Badri.

Previously about the lack of a solution to OPEC, said the oil Minister of Iran Bijan Zanganeh Namgar. “Quota is still no decision,” said Sahane. According to him, Iran is dissatisfied with the decision of the cartel quotas on oil production.

In turn, oil Minister of Iraq Adel Abdel Mahdi, said that OPEC will continue its strategy in the oil market.

“We had a very long discussion, but in the end we agreed to continue to follow the strategy of OPEC,” he said.
Discussion between members of OPEC lasted almost 7 hours. The next meeting will be held on 2 June 2016 in Vienna.