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Doha meeting expectations .. agreement to freeze production is not guaranteed
4/16/2016 0:00
[rtl] Morning - Agencies
scheduled to meet top oil producers on Sunday in Doha in an attempt to reach an agreement to freeze production to reduce the excess supply in the market and revive prices crumbling, amid doubts about the response of Iran with this proposal.
Despite the show of Qatar « an atmosphere of optimism» Thursday , divided analysts on the expected results of the meeting , which will include members of the Organization ofpetroleum exporting countries (OPEC) , notably Saudi Arabia, and states those outside the organization , notably Russia, and the extent of the negative impact or a positive impact on prices and oil markets.
the meeting comes after four oil countries agreement in February to freeze production at January levels, provided that other big producers an obligation to do so.
he says Fouad Razak Zada, an analyst at «City Index» Finance Corporation « thegeneral impression that he will be agreed in Doha to freeze production at the January level», likely that «gives the prices a boost additional short - term ».
and registered some improvement in oil prices during the last period, after the decline began in mid - 2014 , and a barrel of oil lost about 70 percent of its price. Continued price rise in the past few days with the anticipation of the Doha meeting.
But to reach an agreement during the meeting is not guaranteed, due to the differences between the big producers, especially Saudi Arabia and Iran. The
kingdom insists it will not abide by an agreement to freeze production unless Iran offered on the same step. The newly Islamic Republic belonging to the global oil market does not want to freeze production at the level of January, the month in which began a lifting of Western sanctions imposed on it.
OPEC said in a report Wednesday that Iran was producing 3.3 million barrels a day in March, as opposed to two, 9 million in January.
and stayed the effect of the agreement that was reached in February , which included Saudi Arabia, Russia, Venezuela and Qatar, limited to the markets.
It warned OPEC in its monthly report Wednesday from the continued surplus in oil supplies, discounted as well as slightly its forecast for growth of global oil demand this year, noting that it may reduce them even further.
the back drop in oil prices globally for several reasons, including the surplus in thesupply , especially after the increase in oil production of shale American, as opposed to the decline in demand , particularly from China.
the liver this decrease oil states billions of dollars revenue.
after recording its lowest level in 13 years in February ($ 27 per barrel), regained some of the oil recovered in recent weeks, and traded this week , little more than forty dollars a barrel , the highest.[/rtl]
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