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OPEC decides to align quota with real production — Russia's Energy Minister

The Organization of Petroleum Exporting Countries (OPEC) decided to align its quota with the actual production, Russia's Energy Minister Alexander Novak said on Friday.

"The OPEC aligned the quota with existing production. Certainly, it would be more reasonable, vice versa, to align production with the quota set out earlier," the minister said.

"We state once again that the market will adjust the situation related to the balance of supply and demand itself," Novak said.

There is a surplus offer on the market at present but it will gradually decline because of lowered investments due to low prices, the minister said. The balance of demand and offer will be provided in mid-term, he added.

The OPEC consists of 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador and Angola.

[Source: Itar Tass, Kaliningrad, 04Dec15]

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