Opec, non-Opec producers to meet

Doha : Opec members and key oil producers from outside the cartel will meet on April 17 in Doha in a bid to stabilise falling crude prices, Qatar’s energy minister said yesterday.

The meeting was a “follow-up” to last month’s talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels, said Mohammed al-Sada, the current OPEC president.

He said in a statement that 15 countries accounting for some 73 percent of global oil output supported the initiative, including the world’s top exporter Saudi Arabia, and Russia. OPEC member Kuwait said Monday it would take part in the meeting. Russian Energy Minister Alexander Novak concurred that “some 15 countries” were expected to take part in the meeting, according to Russian news agencies.

Ahead of the meeting, a common declaration could be drafted to reflect the “countries’ intention to freeze their oil production at a level not higher than that of January,” he said.

“We will also discuss in this meeting some mechanisms to monitor the (implementation of the) agreement.”

Novak had said that the meeting would “probably” be held in April after it was expected to take place this month.

His comments on Monday put pressure on oil prices after he indicated Iran could be excluded from a freeze deal to allow it to increase its crude production after Western sanctions over its nuclear programme. (AFP)