OPEC plans no changes in oil quotas

No decision is likely to be passed on changing oil extraction and export quotas at the 127th extraordinary meeting of oil and energy ministers of Petroleum Exporting Countries. The OPEC conference is to be held on Thursday the 31st in Vienna, a high-ranking source in the OPEC general secretariat told RIA Novosti in the Austrian capital city.

In his opinion, because the prices for oil from the OPEC "basket" and Mexico vary between 22 and 28 dollars per barrel, the oil extraction level will remain the same - 25.4 million barrels per day.

The source in the world oil cartel's secretariat also noted that "the key decisions would be made at the 128th Vienna conference slated for September 24: by that time trends would be obvious in the development of world energy markets, including Iraq's possible full-scale return to business." The OPEC source also reported that observers from non-OPEC countries have been invited to the 127th Vienna conference, Russia included. As RIA Novosti has found out, the Russian delegation to the July 31 forum will be led by Oleg Antonov who heads the Investment Policies Department of the Russian Fuel and Energy Ministry.

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