Following the meeting of OPEC, Indonesia once again will be part of the cartel in December. This is even more reason to talk about curbing production volumes, believe experts and members of OPEC. Indonesia, which left OPEC in 2009, will increase the part of the cartel to 13 countries. It is also going to raise the overall oil production by 900,000 barrels per day to 32.5-million. Now oil production by OPEC countries significantly exceeded the approved quota of 30 million barrels per day.
On the one hand, after the adoption of Indonesia in the OPEC, cartel will be forced to increase the restriction on production. On the other hand, such a solution repeatedly caused a falling prices on the world oil in past. Brent has crept close to the level of six-year low, this situation is not satisfied with the poorer countries of OPEC, which call for reducing production. In addition, the reduction or increase of limit may be the reason for return of the individual standards for certain members of OPEC. Some experts who monitor the work of OPEC anonymously believe that change highs extraction of raw materials will cause new arguments about quotas in OPEC. One of the OPEC members believe that increasing the maximum levels have not yet been discussed, but if the matter rises, the volume of actual production can not be changed.
About three years ago the cartel abolished individual quotas for each country. After that in some countries, the volume of oil has been substantially changed. This is due to a number of events such as war in Libya, sanctions against Iran, the increase of production in Iraq and more. One of the representatives of OPEC says: "You can not provide any restrictions, without quotas. Certain countries are no longer able to show the results of extraction as before, which gives other countries the opportunity to increase market segment."
Recall that Iran has already raised the issue about the return of the individual quotas for the last OPEC meeting. However, this proposal was not accepted. The next OPEC meeting will be held on December 4.