MOSCOW (Sputnik) – Russian Energy Minister Alexander Novak on Thursday said he did not expect any changes in oil extraction quotas during the next OPEC session.
“I honestly don’t expect that there will be any cardinal changes or decisions that will be made during the OPEC session. We don’t see any precursors for this, but of course, it would be expedient for OPEC to observe the same quotas they have set,” Novak told journalists.
He added that the current quotas are 30 million barrels, but the actual extraction stands at 31.5 million barrels.
The 168th OPEC meeting will be held in the Austrian capital of Vienna on Friday. The organization is expected to decide whether to cut oil production amid low prices and oversupply at the market.
At its last meeting in June, OPEC made a historic decision to maintain oil production levels despite a slump in global oil prices.
