OPEC is not going to gather to the extraordinary session and reduce quota of oil production even if the oil price dropped to $40.00 per barrel, said Sukhail al-Mazrui, Minister of Oil Industry of UAE, in his speech in Dubai.
Commenting on the rumors that Venezuela requested OPEC to consider the possibility of extraordinary session to revise the currently made decision to remain the quotas, Mazrui said: “We are not going to change our position in case of further oil price decline. We are not going to affect the prices. The market should regulate itself.”
OPEC General Secretary Abdalla Salem al-Badri said that official request has not been submitted by Venezuela yet.
Earlier OPEC General Secretary said that the OPEC decision to remain the current quota is not aimed against Russia, Reuters reported.
