Al-Nima further added, “Iraq will take part in this meeting”.
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PETROL and domestic oil prices are likely to rise gradually this year despite the world’s biggest oil producers failing to increase prices in the short term by capping production, a market analyst has said.
Oil-producing nations will discuss an oil output freeze at Opec’s meeting in June, a senior Saudi oil advisor said on Thursday, keeping open the prospect of action to boost prices despite the collapse of talks on a deal in Doha. A statement from the Group General Manager Public Affairs of NNPC, Garuba Deen Muhammad Monday in Abuja stated that Kachikwu said this to journalists after the meeting of OPEC and non-OPEC oil producers.
The official OPEC production quota was set at 30 million barrels per day.
All of the 18 producing countries, except perhaps Saudi Arabia (and of course Iran) are producing and selling all that they can.
But by the end of trade, USA benchmark West Texas Intermediate for delivery in May had largely recovered, losing 58 cents (1.4 percent) at $39.78 a barrel on the New York Mercantile Exchange.
A decision to freeze production would have supported oil prices more quickly, whether warranted or not, and slowed down the reduction in the surplus by even more, ESAI report said.
Initially, the main OPEC task was to coordinate the oil policy of its members to secure fair oil prices.
Russia’s oil output may reach 540 million tons this year, Deputy Energy Minister Kirill Molodtsov told reporters.
Oil prices crashed to below $US30 per barrel in January from as high as $US115 in mid-2014 after Saudi Arabia chose to raise output to drive higher-cost producers such as the USA out of the market.
A rally in crude oil prices struggled to gain momentum Thursday on lingering European economic concerns despite a major expected decline in non-OPEC output.
“The panic associated with the Doha meeting failure gradually faded away and the market has started to look forward”, said Margaret Yang, an analyst with CMC Markets in Singapore.
Even so, some pundits are now saying that Saudi Arabia, Iran, and others will be increasing production after Doha.
He said that Russia’s oil production could exceed 540 million tonnes this year (10.8 million barrels per day).
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Novak, in remarks at the energy conference earlier on Wednesday, criticized OPEC for what he said was its prolonged inaction in regulating global oil prices.
