The fate of oil is decided in Doha

The fate of oil is decided in Doha

Today, a meeting of OPEC member countries and countries that are not members of the organization will take place in Doha (Qatar). The freezing of oil production will be discussed there. It is expected that the oil producing countries may adjust the draft agreement on the freezing. It is planned that the agreement will be approved, and the freezing of oil production at the January level will last until October 1st, 2016.

As Oman's Oil Minister Mohammed al-Rumhi stated before the meeting, an agreement on the freezing of oil production has no forced mechanism, however, in his opinion, everyone will comply with it. He also informed that Russia and Saudi Arabia approved the agreement, adding that all countries can join this agreement.

According to the initial program, the official meeting of the participants was supposed to begin at 8.45 am (MSK), but it didn't happen. According to a source in the delegation of one of the countries, the negotiations may begin after 12:00 pm (MSK). It should be noted that the delay is due to the demands of Saudi Arabia to make changes to the agreement. According to preliminary data, Riyadh requested to make adjustments before the start of negotiations, RIA Novosti reported.

In addition, a source familiar with negotiations pointed out that the oil producing countries are planning to adopt an agreement on the freezing of oil production at about 14:00 (MSK). At the same time, changes to this agreement will be made based on Iran's position.

"The participants are working on the wording of this agreement, changes are related to Iran, discussions don't endanger the final signing of the agreement," Bloomberg quotes him as saying.

Earlier, the Minister for Hydrocarbon Resources of Ecuador, Carlos Parekh, informed that after the meeting in Doha, the oil producing countries should see how the situation will develop, and if necessary, discuss further measures to support the market.