OPEC keeps its quotas on hold

OPEC ministers do not plan to discuss production quotas at their next meeting in Ecuador in December, Venezuela’s energy minister said yesterday.

“I think all the OPEC nations agree on the consensus to keep quotas as we have them and to continue monitoring the oil market,” Rafael Ramirez said ahead of the 11 December get-together in the Ecuador’s capital Quito. Venezuela still believes oil at $100 (£62.7) per barrel is a “fair” price for crude, Ramirez added. “That’s our position and it’s a position gaining currency in OPEC.”