The biggest Opec producer has said they are willing to freeze their output at a little over 10 million barrels of oil per day if a deal is reached. but would require Iran to also freeze production. Iran’s oil minister Bijan Zanganeh, on the other hand, has said his country will reject any limits on output before it production reaches pre-sanctions levels. Iran has dismissed the notion of joining the freeze as “ridiculous”. Oil prices reacted negatively over news that Iran’s Opec governor will attend the meeting in place of its oil minister.
However, Qatar said last week that there was an “atmosphere of optimism” that a deal would be struck, adding that the number of countries due to attend had risen.
“Ahead of the Doha meeting, comments from officials indicate the urgent need of coordinated action,” said Vaqar Zuberi, Portfolio Manager & Senior Analyst within Mirabaud Asset Management’s Hedge Fund team.
“Attempts to “flood” markets on the part of any producer would likely not garner support from other oil producers, and have limited impact on the production levels in the medium term of US shale oil companies amid low prices,” Zuberi said.
By 
Siddesh Suresh Mayenkar
