The ministers of the Organization of Petroleum Exporting Countries (OPEC) decided here on Thursday to maintain its output level despite crude oil price fell to a four-year low level, a statement released after the OPEC conference said.
Crude prices dropped Monday as investors speculated that the Organization of Petroleum Exporting Countries (OPEC) may not cut production when the producer group meets this week.
Russia attempts to stabilize global oil market by not exceeding its annual production of 525 million tons, Energy Minister Alexander Novak said Monday.
Crude prices dropped Monday as the Organization of Petroleum Exporting Countries (OPEC) is likely not to cut the output at a meeting this month.
The weekly average of the Organization of Petroleum Exporting Countries (OPEC) reference price for its basket of crudes stood at 108.95 U.S. dollars per barrel last week, up from 107.17 dollars the previous week, the Vienna-based cartel said Monday.
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