By Anna Zvagulis
Debate is going strong in the OPEC committee. Special emphasis is on oil quotas. The delegates are representing three views on the subject. These varying views are represented by Iran and Nigeria, with The United Arab Emirates acting as a middle person.
Iran is urging other members to “decrease quotas for 10% in order to stabilize the market” and hopes that other delegations will “understand that this is for the good of [their] people and [their] countries.”
The Nigerian government believes that “any change in production quotas at this time would hurt the organization in the middle term and in the long term.”
The United Arab Emirates believe that it is “very important to stabilize the oil price as it will cause a stability especially in the region of the Middle East.” The UAE wants to act as a middle person to negotiate between the two extreme sides of the argument and so; the current proposition of the delegation of the UAE is that “oil production should be reduced by 3%”.
It will be hard to reach consensus on this topic, but delegates are working on reaching a resolution soon.