Members of OPEC and oil producers from outside the cartel will meet in Doha next month with the hope of stabilising crude prices, Qatar’s energy minister and current OPEC president Mohammed al-Sada said today.
The April 17 meeting is a follow-up to last month’s talks between Qatar, Russia, Saudi Arabia and Venezuela when an oil production freeze at January output levels was proposed, al-Sada said in a statement.
He revealed that 15 countries, accounting for more than 70 per cent of global oil output, were supporting the initiative including Saudi Arabia and Russia.
The confirmed date follows remarks from Russia’s energy minister Alexander Novak this week that the meeting would “probably be held in April, according to AFP.
Brent and WTI crude currently stand around $39 and $37 a barrel respectively from lows of below $30. However, they are still down 60 per cent since mid-2014 due to continued concerns of oversupply.
Iran’s oil minister said this week that the country would not discuss a production freeze until it had reached 4 million barrels a day. The country is looking to boost exports back to their 2.5 million bpd peak before it was crippled by nuclear-related sanctions.
By Robert Anderson
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