Saudi Arabia agrees to freeze oil production despite Iran’s refusal to join the initiative, the FT has learned. April 17 largest exporters in Qatar to discuss restrictions
Saudi Arabia is ready to sign an agreement on the limitation of oil production, even if it will not take part of Iran, said Financial Times ranking representative of the OPEC countries. “Many countries agree to freeze. Why depend on Iran? “- Said the source publication
Iran said earlier that join the initiative to restrict production, only to come out on dosanktsionny level.. According to the FT, the representatives of exporters from the countries of the Persian Gulf had doubts Iran’s ability to rapidly increase production, in connection with which they thought that it is possible to go on freezing and without his participation.
According to the FT’s interlocutor, Russia Now “it plays a leading role” in the negotiations with other OPEC members. He added that its relations with Saudi Arabia have improved
According to a source publication, the price of oil will rise to the end of the year, as excess supply will be reduced. He explained that exporters feel the need to correct the economic situation, and this was the catalyst for negotiations between them.
FT interviewer admitted that freeze production at the January level, the most likely, but other options are possible. “We’ll see who is doing what in January, February and March, and then, perhaps, we will arrive at the figures, which will cause a greater confidence in the market”, – he said
FT notes that the mood among exporters. OPEC Persian Gulf have changed compared to the previous month, when they said that they would agree to freeze only with the participation of Iran in it. On April 17 in Doha is scheduled to meet the largest exporters, who will discuss how to limit production. The preliminary agreement to freeze production at the January level was reached in February, Saudi Arabia, Russia, Qatar and Venezuela.
On Qatar’s Energy Minister Mohammed Bin Saleh Al-Sada said last week that about 15 exporters, who account two-thirds of the world’s oil, expressed support for the production of frost. OPEC Secretary General Abdalla El-Badri, speaking on Monday at a press conference in Vienna, suggested that Iran in the future, may join the agreement.
FT reminds us that hedge funds in recent weeks significantly increased bets on higher oil prices. According to the publication, the net long position of speculators on the US WTI crude oil on the New York Mercantile Exchange and on the London Petroleum Exchange ICE rose from 12 January to 172 million barrels. from 35 million barrels.
At 12:55 MSK price of a barrel of Brent crude oil on the ICE was $ 41.62, which is 0.19% higher than the closing price.
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