VIENNA, November 25. /TASS/. A plunge in world oil prices to below $60 per barrel will not cause a contraction in Russia’s oil output, the news agency Bloomberg reported on Tuesday, citing Russian oil major Rosneft CEO Igor Sechin.

Russian oil producers can work in various price conditions and will react to market demand, Sechin said.

Participants in an oil conference in Vienna have decided to monitor oil prices for a term of one year with possible quarterly consultations, Russia’s oil major Rosneft's head said on Tuesday after four-party talks involving Russia, Saudi Arabia, Venezuela and Mexico.

Delegations from Russia, Saudi Arabia, Mexico and Venezuela held a four-party meeting for the first time in such a format in Vienna on Tuesday to discuss the current situation and measures for maintaining oil prices.

Venezuelan Foreign Minister Rafael Ramirez said after the four-side consultations: “We discussed the situation and share the viewpoint on the situation.”

Ramirez earlier told journalists, “We’re going to discuss the situation on the oil market and measures of necessary coordination.”

The delegations of Russia, Saudi Arabia, Mexico and Venezuela agreed to hold another meeting in three months, Venezuelan Foreign Minister said.

Meanwhile, Russia and Mexico are not members of the Organization of the Petroleum Exporting Countries (OPEC), which is scheduled to hold a meeting in Vienna on November 27 to discuss possible output quota cuts to stabilize oil prices.