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March 18, 2016

World Crude Oil Price, Next Rumor In April

World Crude Oil Price, Next Rumor In April

Questions on when the world oil producers will held a meeting regarding oil problems are answered. The meeting of the Organization Petroleum Exporting Countries (OPEC) and other oil producing countries will take place on April 17 in Doha. However, the list of attending countries is yet to be announced.

In the last few weeks, the oil price has soared due to the expectation that the oil producers would freeze production as an attempt to cut the supply off the market and lift the price. Qatar, as the head of OPEC, has given its best effort to support the freezing of oil production. Its representative has said that the proposal received immensely huge support not only from the OPEC, but from the non-OPEC as well, including Saudi Arabia and Russia.

Russia and Saudi Arabia have agreed to hold production to the level of last January. Nevertheless, the deal comes along with certain conditions. Most importantly, both said, they have an expectation that other oil producers will take the same path as they do.

The issue regarding the low price of world crude oil has not seemed to be over. The OPEC deal in which the production would be cut off in order to elevate the oil price has found itself some obstacle as Iran is having a policy where the production is not cut at all after a sanction aimed at the country. Iran said that the deal is a pure joke and even have increased production after the lifting off of the international sanction.

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