OPEC Decides to Retain Oil Production Quota

© AP Photo / Hasan JamaliIn response to the high cost of US shale, Saudi Arabia has been selling its massive stockpile of crude oil at rock-bottom prices.
In response to the high cost of US shale, Saudi Arabia has been selling its massive stockpile of crude oil at rock-bottom prices. - Sputnik International
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OPEC decided to leave the old quotas, Saudi Arabia’s Petroleum Minister Ali Naimi said.

MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) has decided to maintain its existing oil quotas, Saudi Arabia’s Petroleum Minister Ali Naimi said Friday.

"We left the old quotas," Naimi told reporters after an OPEC ministerial meeting.

Earlier in the day, Iraqi Oil Minister Adil Abdul-Mahdi said that OPEC ministers would discuss on Friday the issue of raising quotas on the extraction of oil.

General view of part of Tehran's oil refinery south of the capital Tehran, Iran - Sputnik International
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The OPEC 167th Meeting at the ministerial level is taking place Friday in Vienna. Most of the semi-annual meetings of the ministers from 12 member states are being held behind closed doors. Russia’s energy chief Alexander Novak is present at the session.

The market oversupply led to global oil prices plummeting in 2014 and early 2015, exacerbated by OPEC decision to maintain its daily extraction quotas during its previous meeting in November.

Global oil prices have dropped almost twofold against the 2014 summer levels, when the price of Brent crude stood at about $115 per barrel.

Recently, oil prices have stabilized at about $65 per barrel.

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