In the next few days will be a meeting of oil-producing countries, such as non-OPEC and non-OPEC. According to the president of Venezuela, Nicolas Maduro, at this meeting the participants are going to make a commitment to freeze oil production at least until June. It is reported by AVN.
Maduro noted that due to a previous agreement between the oil-producing countries, oil prices halted their decline and begins to slowly grow.
As noted, the proposal to freeze the production of crude oil will be the first step in order to achieve stability on the world market. This is important especially for countries such as Russia, Venezuela, Qatar and Saudi Arabia.
15:24 February 16, 2016
In January, oil prices have fallen more than 20 percent due to an excess supply in the market caused by the overproduction of such countries as Saudi Arabia. Also, factors reducing prices served as a downturn in the Chinese economy and an unusually low demand for fuel.
On Thursday, March 3, the oil minister of Nigeria Emmanuel Kachikvu said that the meeting will be held in Russia on March 20.
At the same time, the Russian Energy Ministry said that the date and venue of the meeting has not yet been determined – they are now being discussed. This is stated in the message Ministry of Energy.
March 1 Russian Energy Minister Alexander Novak said that Russian oil companies agreed to freeze the level of oil production. The official said that more than 15 countries, has publicly confirmed their readiness to maintain oil production at the level of January 2016.
February 16 Russia and several OPEC members (Saudi Arabia, Qatar and Venezuela) agreed to freeze the production of oil in order to maintain quotes sagging by 70 percent over the year and a half. The intention to join the agreement also said Iraq and Kuwait, and on Feb. 20 Add Nigeria.
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