- el-Badri said the organization did not plan to reduce the quota.
- Abdallah el-Badri, Secretary-General of Organization for Petroleum Exporting Countries (OPEC), says prices for oil would not significantly rise even if the cartel’s daily production quota is reduced by 2 million barrels from the current 30 million.
- He made the comments after meeting with Russia’s energy minister in Moscow to discuss the influence of Iran increasing sales of oil following the removal of Western sanctions against that country.
- El-Badri called the removal of such sanctions a great achievement.
- Iran reached an agreement with the international community this month to remove sanctions imposed over concerns that its nuclear programme could be used for military purposes.
- Russia’s economy has drastically suffered from relatively low prices for oil, which have roughly halved since mid-2014.
- Russia’s Energy Minister, Alexander Novak, expressed optimism that oil prices would stabilize in 2016, with demand increasing by 7 to 10 per cent annually until about 2020 and then 15 to 20 per cent until about 2040.
- Source: NAN
OPEC Says Oil Price Will Not Rise Despite Reduced Production Quota
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