Oil producers couldn’t agree to a “freeze” at the meeting in Doha

Almaty. April 18. Silkroadnews – The oil-producing countries couldn’t agree to “freeze” the oil production level during the meeting in Doha, Qatar, on Sunday, saying they need “more time” before agreeing, while the market “feels” not bad as it is, TASS reports.

Nigerian Oil Minister Emmanuel Ibe Kachikwu was the first who came up with the comments on the meeting outcomes, he officially admitted the deal to “freeze” the oil production in Doha did not happen and the next meeting in the same format is expected to be held in June.

According to Mohammed bin Saleh al-Sada, Qatar’s energy and industry minister, representatives of oil-producing countries have come to the conclusion they need more time for further consultations prior to the OPEC meeting scheduled for June. The minister added the meeting participants believe “the fundamentals of the market are generally improving”.

He also said the oil prices are moving toward the right direction, though it is not clear yet how much time it shall take to get them stabilized, and voiced confidence saying the decrease in investments in the oil and gas sector will result in decrease in production.

According to RBC, within the first minutes of trading at Inter Continental Exchange (ICE) in London the price of Brent crude oil dropped to $40.16 per barrel. It has not decreased further and as of 02.15 a.m. MSK was traded at around $40.71 per barrel. Trading on Monday became the first after the Doha talks ended without a deal on oil production freeze.