He added: “Motorists should be relieved that the Doha oil producer talks broke down without a production freeze agreement as this means fuel prices at the pumps should not rise too much further”.
Advertisement
For instance, the world’s top oil producing nation is the U.S. It took over top spot mostly due to the boom in shale oil production.
The conference, held by OPEC and non-OPEC members, ended after a 14-hour session without agreeing on a freeze as Iran and Saudi Arabia continued to flex muscles.
Iran was asked not to attend the big meeting Sunday in Doha, Qatar, if it was not willing to sign up to a production freeze, an Iranian source told CNNMoney.
“The discussions will resume next June during the extraordinary meeting of OPEC”, said Qatari Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, according to RIA Novosti.
Brent crude futures fell nearly 7 per cent in early trading on Monday with prices now at around $40 per barrel.
“Will be looking for stocks to fall across the globe on Monday, yields on sovereign debt to decline, and emerging and commodity market currencies to tumble”. Iran sent no representative to the meeting, Kallanish Energy reports.
Oil Prices are again under vast pressure after a fruitless meeting in Doha. “Other oil producing countries are not expected to increase the output”, Aliyev said.
The meeting had 18 countries in attendance namely: Qatar, Kuwait, Oman, Saudi Arabia, Nigeria, Russia, Mexico, Ecuador, Trinidad and Tobago, Iraq, Mexico, Azerbaijan, Kazakhstan, Angola, Bahrain, Indonesia, Venezuela and United Arab Emirates.
Iran has repeatedly said it would not agree to production cuts now that Western oil sanctions have been lifted.
He said the oil majors could find an agreement in the next OPEC meeting, scheduled on June 2, given that Iran received economic support from other members. Analysts believe that oil prices could continue to slide in the near-term.
“The U.S. accounts for the bulk of non-OPEC’s 2016 oil supply contraction of 700,000 barrels per day forecast”.
Advertisement
But Saudi Arabia said it could raise output instead – by as much as 2 million barrels per day (MMBPD) to over 12 MMBPD, which would allow it to overtake Russian Federation as the world’s largest producer.
