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Main » 2016 » March » 16 » Major oil producers have called the meeting date
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Major oil producers have called the meeting date
 
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On Wednesday, Qatari Energy Minister and current president of OPEC said that the meeting of the world's largest oil producers will take place on 17 April.

 

 

"This meeting - a continuation of the previous meeting held last month, in which the Qatar participated, Saudi Arabia, Russia and Venezuela, and it was decided to freeze the production of oil on the level of January, when other manufacturers join the initiative," - said the Minister oil Qatar Mohammed bin Saleh al-Sada.


The report also says that to date, about 15 members of OPEC and outside the producing countries, which account for about 73% of world oil production, support this initiative.


On Monday, after talks in Tehran, Russian Energy Minister Alexander Novak said that the agreement on the freezing of oil could be signed as early as April and that Iran has every right to increase production after years of restrictions.

 

stumbling block

On Wednesday, Brent crude was trading just below $ 39 per barrel as compared to 12-year low of $ 27.10 reached in January.

A preliminary agreement to freeze production at the level of January, reached last month by Saudi Arabia, Qatar, Venezuela and Russia, has helped support prices.


The delegate of OPEC said that Iran's refusal to sign an agreement - bad news, but it's not the worst thing that could happen.

"If the major manufacturers agree on freezing oil, and Iran will remain on the sidelines, in the case of low demand, it does not help the market. The January production levels are very high, "- he said.


The April agreement


Three of the OPEC source told Reuters news agency that members of OPEC and outside the organization of producers is likely to meet in mid-April in Doha.

Data regarding the exact list of countries that will participate in the meeting has not yet been provided.

Kuwait and the United Arab Emirates have also expressed their willingness to join the initiative, if other major manufacturers will do the same. 

 

 

A source

 
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