In the fight against low oil prices, the oil-producing countries have suffered a setback. Talks to cap production to counter price decline on the world market, failed on Sunday in Doha as Qatar’s Energy Minister Mohamed bin Saleh said. According to the Nigerian oil minister, it will probably be a further meeting in June.
It was initially unclear whether the failed agreement has to do with the refusal of Iran to a possible ceiling. Tehran had previously announced its intention to not join the plans of the powerful producing nations Saudi Arabia and Russia: “Because we do not want to sign a plan for freezing, there is also no need to have spot in Doha someone,” said Oil Minister Bidschan Namdar Sanganeh on Sunday, according to the news agency Shana.
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Iran but will its production to 4 million barrels a day – and thus on the level before the repealed in January penalties -. increase as planned, the minister
Because of the attitude of Tehran had analysts not exclude a failure of the talks. Riad, determining Opec member, is concerned that his archenemy Iran from its own reluctance to capitalize and the oil industry of the Kingdom might harm it.
Oil prices were from mid-2014 until the end of 2015 because of oversupply by up to 70 percent slumped. In the meantime they recovered slightly. The failure of the talks should the oil price deal a further blow.
the oil glut arose inter alia because leading promoters such as Saudi Arabia in the wake of increased competition – wanted to keep their market shares by increasing the production – for example, by the used of American companies Fördertechnik fracking. Consumers rejoice although lower prices for gasoline and heating oil. The producing countries but they tore huge holes in household budgets.
observers had previously expressed doubts about the effectiveness of the plans to freeze on the funding level of January. Apart from Iran, the United States and Norway were not involved in the talks. In addition, there were concerns that in January already too much oil had been promoted, as that a cap at that level could push up the price.
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