158th meeting of OPEC not expected to change oil production quotas
Azerbaijan, Baku, Dec.7 /Trend, A.Yusifzade /
The 158th meeting OPEC is not expected to change oil production quotas, said Iran's representative to OPEC, Mohammad Ali Hatebi, Shana reperted.
"Oil market is balanced, and production quotas are not expected to be changed at the 158th meeting of OPEC, to be held in Ecuador soon, and would remain at 24,845 million barrels per day," Hatebi said.
The 157th meeting of OPEC has decided to transfer the presidency of the organization to Iran from January 2011.
Oil Minister of the Islamic Republic Masud Mir-Kazemi was elected chairman of the Organization of Petroleum Exporting Countries at a one-day meeting in Vienna. Iran will chair the OPEC for the first time in last 36 years.
Over the past two years, OPEC has cut oil production by almost four million barrels, much of which accounted for Saudi Arabia (production decreased from 34 million bpd to 28 million bpd).
OPEC was founded in 1960 by Iran, Iraq, Saudi Arabia and Venezuela. Currently it unifies Algeria, Indonesia, Libya, UAE, Kuwait, Nigeria, Qatar. Since 2007, Ecuador once again became a member of OPEC. OPEC member countries account for about 35 percent of world oil exports.