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Big oilproducer countries had reached a agreement to freeze production

  • Author:judy
  • Source:www.diecastingpartsupplier.com
  • Release on :2016-02-20

Qatar’s energy minister said the world’s big oilproducer countries had reached a conditionalagreement to freeze production at January levels.

Mohammed Bin Saleh Al-Sada said the provisional deal, announced after a meeting of oilministers from Saudi Arabia, Russia, Venezuela and Qatar, would be contingent on majorproducers following suit, reports Anjli Raval, the FT’s Oil & Gas Correspondent.

“We believe this step will stabilise the market,” he said, according to Reuters.

In a news conference in Doha after the meeting, Ali Al Naimi, the Kingdom’s powerful oilminister, said the meeting was successful. Since global supply is already declining as a resultof current prices, a freeze in output at levels from the start of the year was “adequate” forthe market, he told reporters.

Venezuela’s oil minister said he would meet his counterparts from Iran and Iraq on Wednesday.

Although the decision will be welcomed by some in the oil market, others have pointed to thefact that many Opec producers are pumping at full capacity already.

Mr Naimi said he hoped producer countries inside and outside Opec would adopt this proposal.He added “We will assess in [the] next few months the next steps to stabilise [the] market.”

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