Source: OPEC committee approves proposals for Wed meeting

VIENNA, Nov 29 (PRIME) -- The OPEC technical committee late on Monday approved proposals for a ministerial meeting on Wednesday, a source in the United Arab Emirates’ delegation to the meeting told PRIME without disclosing the proposals.

“The committee has finished its mandate, and the proposals were approved. Now everything depends on the November 30 meeting,” the source said.

Omar Farouk Ibrahim, a member of the Nigerian delegation to OPEC, told reporters that he was very optimistic about possible results of the Wednesday meeting.

OPEC agreed to limit daily oil output at 32.5–33.0 million barrels at an informal meeting in Algeria in September. The ceilings for each country are supposed to be defined at the meeting in Vienna. President Vladimir Putin said earlier that Russia is ready to join OPEC in a freeze of oil production if an agreement is reached.

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