It sounded like a plan, but out of it is not: The largest oil producing countries had intended to agree on a cap of the flow on the level of January – but they ended their meeting on Sunday in Qatar with no result.
This has a direct impact on the oil price: In the days before the meeting, he was still risen significantly; Now he slumped on Monday morning in Asian trading from promptly. In opening up markets, the price fell by around seven percent, then rebounded but something.A few hours after opening of the markets in Asia, the price of US benchmark WTI around five percent was in negative territory at $ 38.34 per barrel (159 liters). The North Sea Brent crude for delivery in June was a good 4.5 percent lower at $ 41.13.
In Doha, the capital of the desert Emirate of Qatar, had on Sunday 15 members and non-members of OPEC (OPEC ) met, including the largest oil producer Saudi Arabia and Russia. They wanted to decide as a measure against the enormous price decline in oil a freeze on oil production on the level of January. Thereupon Saudi Arabia, Russia, Qatar and Venezuela had agreed in February.
After six hours of deliberations Qatari Energy Minister Mohammed ben Saleh al-Sada said, however, the countries concerned need “more time”. According to participants, in particular Saudi Arabia called for the involvement of Iran. However, the Islamic Republic had no participants sent to the meeting, as it refuses to freeze the production.
A date for new discussions has not been set, but reportedly to be held in June a new meeting.
the price drop makes the oil producers hard to create. Since the summer of 2014 there was due to the oversupply of crude oil fell by around 60 percent.
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