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No oil output freeze deal at Doha meeting

by ChemOrbis Editorial Team - content@chemorbis.com
  • 18/04/2016 (14:58)
According to media reports, OPEC and non-OPEC producers could not reach an agreement on an output freeze at their meeting on April 17 in Doha, Qatar. Saudi Arabia said that they would not sign a deal without participation of all OPEC members, including Iran.

Iran, which was absent from the talks, had previously expressed reluctance to limit crude oil production as the country is aiming to increase production to pre-sanctions levels in order to regain market share. Saudi Arabia also added that if no agreement on an output freeze can be concluded, they would increase production considerably.

Russian oil minister Alexander Novak commented that Saudi Arabia’s demand was “unreasonable”, adding that they would not limit production for now, though Russia didn’t put an end to freeze deals. Meanwhile, Iran’s oil minister Bijan Zanganeh commented, “If Iran freezes its oil production…it cannot benefit from the lifting of sanctions.”
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