The new head of OPEC's promises to stabilize oil prices

The decision to reduce quotas for oil production, which should be enough to maintain prices, will be fully implemented by the Organization of Petroleum Exporting Countries (OPEC). This was stated by the president of OPEC Botelho de Vasconcelos. In his first interview since taking office in early January, he also said that OPEC, apparently will not hold up the scheduled March 15 meeting in Vienna, reports Reuters. "In March we will meet to evaluate the effect of cuts approved in December. However, I think that if all the cuts will be implemented in a timely manner, they will have on the market impact that will lead to a positive trend with regard to oil prices," - said Vasconcelos , who is also minister of the oil industry in Angola. Last month, OPEC decided to cut oil production quotas by 2.2 million barrels per day, starting from January 1, to bring to a common supply and plummeting demand for fuel.