OPEC States Output Quotas to Depend on Current Share in Cartel Production

Kuwait’s National Representative at OPEC said that distribution of oil production quotas among the members of the Organization of the Petroleum Exporting Countries (OPEC) will take into account their current share in the cartel’s total output.

MOSCOW (Sputnik) – The distribution of oil production quotas among the members of the Organization of the Petroleum Exporting Countries (OPEC) will take into account their current share in the cartel’s total output, Kuwait’s National Representative at OPEC Nawal Fuzaia said.

"Rebalancing the market is the responsibilities of producing countries within and outside OPEC, and any agreements to redistribute the required cut to rebalance will be in accordance with its share," Fuzaia told RIA Novosti.

On September 28, the OPEC member states reached an agreement on the sidelines of an international energy forum in Algeria to set a production ceiling of 32.5-33 million barrels per day. OPEC also decided to establish a technical committee to identify the production volume of individual member countries.

The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30. Other oil producing states, who are not members of OPEC, including Russia, are also expected to uphold the agreement, aimed at stabilizing the oil market.