MOSCOW, November 24. /TASS/. There is only a tine probability that OPEC (Organization of the Petroleum Exporting Countries) countries might agree to cut oil production quotas but it is tiny, Russian Minister of Energy Alexander Novak said on Monday.
“Much will depend on the position of Saudi Arabia. Let us wait till November 27 to see what (OPEC) countries would do. In general, a probability that they reach such an agreement does exist, but it is too tiny,” Novak told the Rossiya-24 TV channel.
The role of the OPEC has shrank in the last 10 years and many countries do not meet its quotas. “We cannot call it collusion, we can call it competition,” he said.
OPEC will meet to discuss a reduction of oil production quotas on November 27 as prices have fallen by more than 20% in last six months.