A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. REUTERS/Raheb Homavandi/TIMA
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OPEC is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy's chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further toward $20 .While Moscow may consult OPEC oil ministers before their six-monthly meeting next week, the chances of it helping to halt the price slide remain slim.Asked how low prices could go next year if OPEC failed to change course, he said: "Mid-20s".Already the collapse in prices has partly achieved OPEC's goals.Russia may attend informal consultations with OPEC before the Vienna meeting on Dec. 4 but there is little likelihood Moscow will change its stance and work with OPEC on cutting output, sources said.OPEC kept policy unchanged at the June meeting apparently with no major dissent. Even some of those in OPEC who support such steps see little chance of their being agreed.OPEC ditched quotas when it set its overall output target at 30 million barrels per day for 2012 . According to OPEC figures, production was 31.38 million bpd last month.
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