Sunday, April 17, 2016

Doha Oil-Freeze Talks Delayed to Address Saudi-Iran Differences
From @bloomberg -- Talks in Doha between some of the world’s biggest oil producers on freezing production have been delayed until later Sunday amid changes to the wording of the agreement, in part to address differences between Saudi Arabia and Iran. “The general agreement is in place,” Wilson Pastor, Ecuador’s governor to OPEC, said in an interview in Doha. “Now there is some disagreement on the wording and maybe this afternoon we are going to finish,” he said, adding that details on the monitoring of the agreement and a follow-up meeting were also to be finalized.

16 nations representing about half the world’s oil output have gathered in the Qatari capital in a bid to stabilize the global market. On April 14, Saudi Arabia’s Deputy Crown Prince said the nation wouldn’t agree to restrain its production unless other producers, including Iran, agree to freeze. Iran, which isn’t attending the meeting, has ruled out joining the accord for now.

Crude oil has rallied since the freeze was first mooted in February. If the group were to fail to reach an agreement it would lead to a “severe” drop in prices, Citigroup predicted before the meeting.

Iran is restoring exports after sanctions over its nuclear program were lifted in January. It plans to boost output to 4 mbd in the Iranian year through March 2017, Oil Minister Bijan Namdar Zanganeh said April 6. That would be an increase of about 0.8 mbd from March production. Iran’s crude shipments have risen by more than 0.6 mbd this month.

Ministers held informal closed-door talks earlier Sunday, according to two officials with knowledge of the meeting. Delegates visited the palace of the Emir of Qatar and begin talks when they return, said another person with knowledge of the situation.

Everybody is “optimistic,” Kuwait’s Acting Oil Minister Anas al-Saleh said before the meeting, adding that a deal would “hopefully happen.” Saudi Arabia and Russia have approved the proposal to freeze crude output at January levels until Oct. 1 and other producers are expected to do so, Omani Oil Minister Mohammed Al Rumhy said prior to the meeting.


Post a Comment

Tu comentario será moderado la primera vez que lo hagas al igual que si incluyes enlaces. A partir de ahi no ser necesario si usas los mismos datos y mantienes la cordura. No se publicarán insultos, difamaciones o faltas de respeto hacia los lectores y comentaristas de este blog.