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OPEC is expected to define a fair crude price corridor and look into the possibility of changing oil production and export quotas
The Organisation of Petroleum Exporting Countries (OPEC) is expected to define a fair crude price corridor and look into the possibility of changing oil production and export quotas at an upcoming conference, according to a senior OPEC Secretariat official. The 132nd OPEC conference will open in Vienna on September 15. Amending the 2000 crude price corridor, adjusting it to modern developments, i.e. high oil prices and weak US dollar rate that is crucial for oil contracts throughout the world, is the Vienna conference's major objective, according to the source. However, the conference will apparently only discuss the new price corridor while the final decision on the matter will be adopted at the end of the year as the OPEC strategic commission's recommendations, due to be completed on October 11-12 in Jedda, Saudi Arabia, are crucial for decision-making, according to the source. The problem of raising the quotas is going to trigger heated debates at the conference as the cartel members have not reached an agreement on the matter thus far. Many of the OPEC countries' ministers believe crude oil is in sufficient supply on the world energy markets at the moment and it therefore makes no sense to raise the quotas, said the source.
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