Saudi Energy Minister Khalid Al-Falih said he hopes that the meeting of the ministers of OPEC in Vienna today will result in an agreement on adjustment of oil production quotas.
"Today we have consultations with the OPEC ministers. Hopefully, we will come up with an agreement that we will bring compliance back to 1.2 mln barrels," TASS cited him as saying.
The minister said that the OPEC ministers discussed the mechanism of coming back to the initial level of oil production reduction.
Al-Falih said the world should not expect the impact to be felt until the end of summer because crude would take weeks to reach markets.
He reiterated that an increase in production of 1 million barrels is "more nominal" figure and the effective production "will be based on the countries’ ability to produce oil".
"As we know some countries are unable to meet production targets. They are given additional volumes to produce but they cannot produce their current volumes," the minister said.
