Iraq, Iran, Venezuela and Qatar have agreed about freezing of oil production

The oil Ministers of Iran, Iraq, Venezuela and Qatar at the meeting on 17 February in Tehran failed to come to an agreement about freezing of oil production in 2016 to maintain prices, but are ready to continue consultations to search for optimal solutions, it follows from the statements of the official representative of the Ministry of oil of Iraq of Jihad Usama the Agency Sputnik .

Oil turned again to fall and pulled down the Russian ruble

«Yesterday a meeting was held between Ministers of oil of Iraq, Iran, Qatar and Venezuela. We also welcomed the participation of Russian Minister in a meeting in Doha. The Minister of oil of Iraq has confirmed that consultations and meetings between members of OPEC and other producers continue and aim to come to something that will support oil prices in the world markets,» said Jihad.

Answering a question, whether there was reached some agreement on the results of the meeting, the spokesman said: «They have confirmed only that negotiations are continuing, and so, we need to come to an agreement that will benefit everyone and will support oil prices».

Speaking about the possibility of reduction of oil production in Iraq, the representative of the Ministry of oil of Iraq, said: «It depends on what decisions or agreements will take OPEC and other producers. The agreement reached between the four countries in Doha proposes to freeze the levels of production, and Iraq supports any solution which will support oil prices and will raise them in the world markets».

«To date the parties have agreed in principle that we need to reach a decision in the interests of producers in General, both within OPEC and beyond. Negotiations and consultations are ongoing to come to a common decision», — he added, reports «Prime».

In turn, the foreign Minister of Saudi Arabia Adel al-Jubayr said that the country is not ready to cut oil production. Soobshit about this TASS with reference to AFP news Agency.

«Saudi Arabia is not yet ready to cut production,» — said the Minister.

The oil Ministers of Iran, Iraq, Venezuela and Qatar met on 17 February in Tehran. It was planned to discuss the situation in the oil market and the proposal to freeze oil production at the January level, nominated by the meeting of the Russian Federation and representatives of the countries of the OPEC in Doha.

Before that, on February 16, following the meeting in Doha between the Minister of energy of Russia Alexander Novak and the representatives of Saudi Arabia, Venezuela and Qatar, an agreement was reached on the readiness to maintain oil production on average in 2016 at the level of January of the current year if other manufacturers will join this initiative.

Oil turned again to fall and pulled down the Russian ruble

In Russia, the ruble against the dollar and the Euro strengthened reduction after oil, skorrektirovat below 34.5 per dollar. The dollar calculations «tomorrow» to 19.49 MSCS grown on 1,30 ruble — to 76,34 of the rouble, the Euro rate by 1.12 ruble — to 84,75 ruble, follows from the data of the Moscow exchange, writes RIA «Novosti».

The ruble during the session on Thursday was mostly corrected downwards after a notable (more than 3 rubles) decline in the dollar and Euro yesterday.

Attempt to stay near the previous closing levels observed in the first half of auctions of Thursday, gave way to more confident the correction of the ruble down amid sagging oil.

Weekly data on the dynamics of oil inventories in the US pressured the market black gold.

Commercial oil stocks (ex strategic reserve) for the week ended February 12 rose by 2.1 million barrels, or 0.4%, to 504,1 million barrels. Analysts had expected a rate increase of 3.92 million barrels — up to 505,92 million barrels.

Oil production in the U.S. last week fell by 0.55%, or 51 thousand barrels per day — up to 9,135 million barrels per day. The oil reserves in the country’s largest terminal Cushing in ensuring trading of WTI grade, remained at the level of 64,7 million barrels.

Gasoline inventories in the U.S. increased by 3 million barrels, or 1.2%, to 258,7 million barrels. Analysts had expected growth rate by 0.5 million barrels. Distillate stocks increased by 1.4 million barrels, or 0.9% to rate of 162.4 million barrels. Analysts predicted that this indicator fell by 1.5 million barrels.

As a result, the price of a barrel of Brent slid to a level of more than 35.5 per dollar below 34.5 per dollar, which strengthened on the evening of the correction of the ruble down.

Iraq, Iran, Venezuela and Qatar have agreed about freezing of oil production 19.02.2016

Февраль 19th, 2016 by
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