Details added (first version published on 19.25)
Vienna, Austria, Nov. 27
By Altay Aleskerov - Trend:
OPEC member countries have decided to keep oil production quota unchanged at the level of 30 million barrels per day following OPEC's 166-th meeting in Vienna on November 27.
"The prices now are low, but it doesn't mean we need to rush, and we need to wait and see how the market behaves, and we see that the decline in oil prices do not reflect the market fundamentals," said the Secretary of OPEC Abdalla Salem El-Badri.
"We will wait and see how the market reacts to such volumes," he said.
El-Badri added that OPEC doesn't have any cooperation with Russia.
Speaking about the production, El-Badri said that OPEC is going to produce 30 million barrels in the first half of 2015.
Answering the question about the falling of the oil prices, and El-Badri said that the decision to maintain the current production level is the answer to the falling oil prices.
OPEC countries control 40 percent of world oil supplies. The analysts of the US-based bank JP Morgan say that OPEC's actual oil production in Q3 2014 was 36.5 million barrels per day.
The last time OPEC cut the production and exports in 2008, during the global financial crisis, when world oil prices fell from all-time high $147.27 per barrel to $32 per barrel.
In total, at the time the cartel reduced oil production by $4.2 million per barrel.