Russia and Saudi Arabia will hold talks on oil — Bloomberg

Tuesday, 16 February, the Minister of energy of the Russian Federation Alexander Novak will hold informal talks with his Saudi counterpart Ali al-Naimi in the Qatari capital Doha, according to Bloomberg citing a source close to the upcoming meeting, writes

What will be the main topic of conversation is unknown, however, the meeting should join the representative of Venezuela , Eulogio del Pino, who in early February was on a tour in key exporters of hydrocarbons and has proposed to freeze oil production at the current level, according to RBC.

It was reported that the Minister of oil of Venezuela is negotiating with the OPEC countries and Russia on the need for action to restore the previous level of oil production.

Official confirmations about the impending meeting, the Agency failed to obtain: the representatives of the Ministry of energy and Ministry of petroleum and mineral resources of Saudi Arabia, this question is not commented on.

According to The Wall Street Journal, on the agenda at the meeting in Qatar will be a reduction of oil production volumes with a subsequent price recovery.

Note that last Friday, oil prices increased by 9-12% on expectations of lower production from the world’s largest suppliers of black gold, as well as on data on drilling rigs in the United States.

However, on Monday, February 15, investors ‘ concerns about oversupply in the market has resumed after the appearance of news from Iran.

«Iran is going to add fuel to the fire in the market», — said Bloomberg analyst Fat Prophets David Lennox.

Previously against Iran were lifted most sanctions. Prior to the sanctions, the country exported 2.3 million barrels per day, but in 2012, oil exports from Iran fell to 1 million barrels. According to Western experts, Iran will be able to increase production by 100 thousand barrels per day (3,7%) one month after the lifting of sanctions and 400 thousand barrels per day in six months.

Russia and Saudi Arabia will hold talks on oil — Bloomberg 16.02.2016

Февраль 16th, 2016 by
36 queries