negotiations between the 16 countries producing oil ended the lack of agreement on the reduction of gas supplies to the markets – reported Bloomberg. This means that the diplomatic initiative, which was to prevent a decline in prices for “black gold”, so far ended in failure.
Update 21: 09
Summit doshas, the capital of Qatar, on Sunday lasted over ten hours longer than originally planned. – Despite the talks ended without a final agreement – told reporters Emmanuel Kachikwu, Nigerian Minister. Of oil.
The failure of the summit is to be seen in the fact that any agreement should be extended to manufacturers such as Iran, who was not involved negotiations (more on that here). Tehran has already warned that it does not freeze raw material extraction, because the fighting to return to the oil market after years of embargo on its oil.
Qatar Minister of Energy and Industry Muhammad ibn Salih as-Sada said, after six hours of negotiations, that both members of OPEC (Organization of Petroleum Exporting countries) and other countries need more time to decide. He added that he did not set the date of the next meeting.
According to other sources, could lead to another round of talks in June.
Russia, an ally of Iran, has put a lot of energy before Sunday’s summit in bringing agreement with Tehran that Saudi Arabia, OPEC’s informal leader, considers his main rival.
Those who took part in the negotiations, considered freezing extraction of January. This would have to balance oil markets and raise oil prices. Western media announcing that this will be the most important such meeting in 30 years, but in order to reach a consensus, manufacturers will have to meet again.
According to the interlocutors Reuters OPEC members decided on Sunday that they must first reach an agreement within his cartel before They propose other manufacturers to join this initiative.The inability to reach consensus would lead to a serious decline in prices – analysts predicted before the meeting Citigroup.
Brent oil, climbed by nearly 30 percent. in the past two months since Saudi Arabia and Russia are working on a plan to reduce oil production. No agreement on the limit oil production undermines now any prospect of coordinated action to stave off the oil crisis.
– Meeting in the doshas will be an opportunity for OPEC to improve its tarnished image – also said on Friday Miswin Mahesh, an analyst at Barclays. – After the failure of the December meeting of OPEC, the market there was concern about its consistency, and countries clustered in the cartel had a chance to strengthen its relevance and build trust.
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