The Minister of oil industry of the UAE Suhail al-mazroui said that OPEC will not meet in extraordinary session and reduce quotas on oil production, even if the price of a barrel will fall to $40.

It is reported by the Censor.NET referring to RBC.

Speaking at a conference in Dubai, al-mazroui commented on the proposal of Venezuela convene an extraordinary meeting of OPEC in order to revise quotas on oil production. According to him, the cartel even if prices fall to $40 per barrel will have to wait at least three months before to discuss the possibility of an emergency meeting.

"We won't change our position in case of further falling prices" quoted al-mazroui Bloomberg. "We are not going to affect prices. The market must itself be adjusted", he added.

About the possibility of an extraordinary meeting of the cartel knows nothing and the OPEC Secretary General Abdullah al-Badri. Answering journalists ' questions, he said that a formal proposal from Venezuela have been reported.

Previously members of OPEC announced that the next regular meeting of the cartel will be held in June next year.

Oil fell sharply after the November decision of OPEC to maintain current production levels. After much discussion the members of the cartel came to the conclusion that the oil market will recover without outside influence.

The price of a barrel of North sea Brent, from which is calculated the price of Russian Urals, 12 December fell to $61,65, which is the lowest figure in the last five years.

Source: http://censor.net.ua/