Wednesday, March 16, 2016

Producers plan oil freeze meeting in Qatar in mid-April

DOHA, Qatar (Bloomberg) -- #Oilproducers from OPEC and beyond are finalizing a plan to discuss freezing output at a meeting in Qatar in mid-April, the latest move in a campaign by financially-stricken countries to shift the dynamics of an over-supplied crude market.

Qatar’s oil minister said that producers would meet in his capital on April 17. Delegates from three members of the Organization of Petroleum Exporting Countries said they hadn’t yet received an invitation and two people with knowledge of the matter said no date had been finalized. They asked not to be identified because the talks are private.

Saudi Oil Minister Ali al-Naimi and his Russia counterpart Alexander Novak, who represent the world’s largest #oilexporters, will discuss the meeting on Wednesday by phone, one person said.

#SaudiArabia, #Russia, #Venezuela and #Qatar in February proposed an accord to cap oil output and reduce a worldwide surplus. Crude prices extended gains after their initial meeting on Feb. 16 and have climbed about 40% since slumping to a 12-year low in January. Prices may have passed their lowest point as shrinking supplies outside OPEC and disruptions inside the group erode global oversupply, the International Energy Agency said on March.

The proposed freeze “put a floor under the oil under the oil prices,” Qatari Oil Minister Mohammad Al-Sada said in an emailed statement today. “To date, around 15 #OPEC and non-OPEC producers, accounting for about 73% of global oil output, are supporting this initiative.” Oil rallied after the Qatari statement, rising as much 1.5% to $39.33/bbl in London.



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