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OPEC members, Russia unlikely to meet on March 20: Reuters

by ChemOrbis Editorial Team -
  • 11/03/2016 (11:00)
According to a Reuters report, the Organization of Petroleum Exporting Countries (OPEC) and Russia’s plans to meet on March 20 to discuss an output freeze is unlikely to happen as it is still unclear whether or not Iran will agree to participate in such a deal.

Some OPEC delegates believe that if Iran balks at plans to freeze output, any agreement between other oil producers will be unable to stable oil markets. Some delegates also think that talks may be concluded without any common ground if producers cannot agree to an outline of plan and that such a result may push oil prices lower again. According to Reuters, a source from a major OPEC member said that Iran should be persuaded to freeze output before progressing with plans to freeze output.

OPEC Gulf members also stated that they prefer to meet in the first half of April in Doha or another Gulf city while one OPEC delegate reported that they expected no major progress until OPEC’s next scheduled meeting in June.

Previously, Iranian oil minister Bijan Zanganeh commented that a proposal to freeze oil output at January levels by Saudi Arabia, Russia, Venezuela and Qatar was ‘ridiculous’. The minister stated that the proposal would be inappropriate at a time when Iran is aiming to increase production to pre-sanction levels in order to regain their market share.
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