Technical OPEC meeting ended without a final decision on quotas

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Техническая встреча ОПЕК завершилась без окончательного решения по квотам

Will be held on Friday, October 28, a technical meeting of representatives of OPEC in Vienna, the final decision on the oil quota has not been developed. About it as transfers TASS, said one delegate after the meeting.

“Not reached”, — he told, answering a question about the meeting, which lasted more than 11 hours.

At the meeting of the special Committee of OPEC was planned to discuss road map for the implementation of the Algiers decisions. Saturday, 29 October, consultation in Vienna will continue, it will be attended by invited non-residents of the cartel that joined the negotiations on the limitation of production. The Russian delegation will be represented by the head of the international Department of the energy Ministry Roman Marshavin.

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The Agency Dow Jones, citing sources reported that the technical meeting of OPEC was delayed due to objections of the representatives of Iran and Iraq, who believe that a cartel has misjudged the volume of production in these countries. None of the delegates this information is not commented.

Earlier it was reported that Russia had informed the Gulf countries, OPEC, that will not cut oil production. Moscow said it was willing to freeze production at current levels. The refusal came after Saudi Arabia and other member countries of the cartel from the region offered Russia to cut production by four percent.

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Prior to this, October 23, the Gulf countries at a closed meeting in Riyadh said about the readiness to reduce production by four percent.

28 September, OPEC agreed in Algeria to freeze oil prices. Cartel members set the production ceiling at the level of 32.5 million barrels a day. It was assumed that the final agreement should be signed at the meeting in November.

OPEC is an international organization created by oil producing countries to stabilize oil prices. It is composed of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Indonesia.

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