STUTTGART, November 26 (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) will not be able to reach an agreement on oil production quotas during the scheduled Thursday talks in Vienna, Russian Minister of Economic Development Alexei Ulyukayev said Wednesday.
"Nothing will happen, the OPEC countries are divided, nothing should be expected from this OPEC meeting," Ulyukayev told journalists in Stuttgart.
On Tuesday, representatives of Russia, Venezuela, Saudi Arabia and Mexico met in Vienna to discuss the oil market. The participants opted to monitor the situation over the coming year and, if necessary, conduct additional quarterly meetings.
Oil prices have fallen recently due to increased OPEC production. At the November 27 meeting, OPEC members are expected to announce whether they will cut oil output or sustain current levels. The decision will be made based on the necessity to prop up wholesale oil prices amid decreased global consumption and a significant increase in production worldwide.
OPEC was established in 1960 to coordinate crude oil sales and pricing within the member states, primarily in the Middle East. The organization controls about two-thirds of the planet's known oil deposits. OPEC handles 40 percent of the world's oil production and 50 percent of global oil exports. Russia is not a member of OPEC.
