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Oil ministers say OPEC demonstrates great unity

November 27, 2014, 18:43 UTC+3

According to participants of the OPEC meeting, oil production quotas were preserved at 30 million barrels per day for price stabilization

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VIENNA, November 27. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) has passed a great decision and demonstrated great unity, Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali al-Naimi said on Thursday after an OPEC meeting.

OPEC has passed a “good decision,” a Saudi representative told journalists on Thursday after an OPEC meeting.

“It was a good decision. They will announce it soon,” he said, refusing to provide further details.

Venezuela’s Foreign Minister Rafeal Ramirez added that all OPEC member countries had reached accord.

According to the conference communique, the world oil cartel decided to preserve oil production quotas at 30 million barrels per day for price stabilization.

"We have left quotas at 30 million barrels per day and will look at production efficiency,” Ecuador’s Minister of Non-Renewable Natural Resources Pedro Merizalde said.

OPEC's decision does not coincide with Iran's position, but Iran accepts it, said Iranian oil minister Bijan Zanganeh, adding that OPEC has unity and solidarity to manage market in current conditions.

The Organization may return to output quota revision in six months, OPEC Secretary General Abdalla Salem El-Badri said.

“We discussed the situation for several hours and decided to keep quotas for the next six months,” he said.

According to OPEC's head, the organization looks for "fair oil price," its output quota decision sends no signal to anyone.

OPEC and Russia have discussed their oil market forecasts, El-Badri has told the media. “We have talked to Russia and compared figures and forecasts,” he said. OPEC will continue comparing output statistics and forecasts with Russia’s, because it sees no other ways of cooperation, the organization’s Secretary General said.

Global GDP growth will reach 3.2% in 2014 and 3.6% — in 2015, with oil demand growing in 2015, the communique says.

The OPEC Conference has decided to extend the tenure of Abdalla S. El-Badri as Secretary General for a further period of six months, until December 31, 2015, it was announced during a press conference after the 166th Meeting concluded.

Next OPEC meeting

Nigerian Petroleum Minister Diezani Alison-Madueke has been elected new president of the OPEC Conference at the Conference’s 166th Meeting in Vienna.

Alison-Madueke confirmed her appointment to TASS.

Libyan Vice Premier Abdourhman Ataher Al-Ahirish is the current president of the OPEC Conference. Alison-Madueke will take the post in 2015.

Earlier Bloomberg reported that the Alison-Madueke’s candidacy was proposed this past summer.

Next OPEC conference will be held on June 5, 2015.

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