By Chiana McLatchie
OPEC remains in discussion and has yet to come to an agreement regarding the second oil quota resolution.
The resolution states that oil production will be reduced by a total of 2%, followed by further 1% drop every year. Countries like Kuwait and Saudi Arabia find the resolution irrelevant because oil prices are already increasing at staggering rates.
Nevertheless, Kuwait continues to bring production cuts to that level.
Saudi Arabia is also planning to return to their previous rate of oil production, seeing as the Security Council has taken action towards ISIS. Stabilizing the oil market and price fluctuations remains in Kuwait, Algeria and Saudi Arabia’s best interest.
Iran, satisfied with the current upward trend of oil prices, remains hesitant to vote for the resolution. Iran does not want to change anything and wishes to keep the reduction of oil to 10%.
UAE remains neutral but is in favor for a smaller decrease in the quota.
The countries stressed to Al Jazeera that these actions are not an OPEC initiative but the initiative of each individual country.