Source Pravda.Ru

Saudi Oil Minister: OPEC most likely to keep oil production and export quotas

The 125th extraordinary conference of the Organization of Petroleum Exporting Countries (OPEC), which is opening in the capital of Qatar this Wednesday, will most likely decide to keep the quotas for the production and export of crude oil, minister of petroleum and mineral resources of Saudi Arabia Ali Ibrahim Al-Naimi told RIA Novosti.

However, according to the Saudi minister, now the OPEC countries daily produce 1.5 million barrels of oil more than stipulated in the quotas. In the opinion of Al-Naimi the deliveries of oil to the world energy markets should be cut by these surplus amounts to keep the current oil prices that suit the OPEC and also to stabilize raw material bourses.

In the opinion of the minister of Saudi Arabia, the largest oil exporter within the OPEC and in the world, the cartel's member countries should keep daily production at the level of 25.4 million barrels to conform to the decision taken by the Vienna consultative meeting in April this year.