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World oil prices

OPEC meeting opens in Vienna, oil production quotas expected to remain unchanged

In the autumn of 2014, OPEC refused to cut production by lowering the quota and it became one of the factors that led to a drop in the price of Brent crude oil below $50 a barrel

© Viktor Drachev/TASS

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VIENNA, June 5. /TASS/. Meeting of the Ministers of Petroleum and Energy of OPEC (Organization of Petroleum Exporting Countries) member-states opened in Vienna Friday.

It is expected that OPEC will decide not to change oil production quotas and keep them at the level of 30 mln barrels per day.

At the previous meeting of OPEC in November it was also decided to keep the quota unchanged, despite the sharp drop in world oil prices by more than 30% in a few months.

In the autumn of 2014, OPEC refused to cut production by lowering the quota and it became one of the factors that led to a drop in the price of Brent crude oil below $50 a barrel.

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Oil & Gas Oil price OPEC

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