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OPEC members refuse to cut oil production

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OPEC members refuse to cut oil production

The Organisation of the Petroleum Exporting Countries will not cut output quotas.

It was said by Reuters with a reference to three delegates at the meeting. Some days ago, experts were discussing possible cuts to prop up oil prices. But the market decided on Wednesday evening against output cuts, and oil prices continued declining. A barrel of crude oil has dropped 30% since summer, NEWSru.com writes.

Saudi Arabian Oil Minister Ali al-Naimi told journalists before the meeting: “The GCC reached a consensus. The power of convincing will prevail tomorrow ... I am confident that OPEC is capable of taking a very unified position.” The Gulf Cooperation Council (GCC) includes biggest Arabian oil producers Saudi Arabia, Qatar, Kuwait and the United Arab Emirates.

The minister didn't say what decision the delegates agreed on, but Reuters learnt from a source that it was decided not to reduce quotas. Three OPEC delegates said the 12-member organisation was likely to keep the existing output level after Russia said it would not cut output in tandem. Al-Naimi earlier said he expected the oil market to “stabilise itself eventually”.

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