Kuwaiti Minister of Finance and Minister of Oil Anas al-Saleh (C) arrives for the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers meeting at Doha Sheraton Hotel in Doha, capital of Qatar, April 17, 2016. (Xinhua/Nikku)
Kuwaiti Minister of Finance and Minister of Oil Anas al-Saleh (C) arrives for the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers meeting at Doha Sheraton Hotel in Doha, capital of Qatar, April 17, 2016. (Xinhua/Nikku)

Qatari Oil Minister Mohammed bin Saleh al-Sada said in a press conference that “the meeting reached a result which we all need more time for more consultations and talks.”

 Kuwaiti Minister of Finance and Minister of Oil Anas al-Saleh (C) arrives for the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers meeting at Doha Sheraton Hotel in Doha, capital of Qatar, April 17, 2016. (Xinhua/Nikku)
Kuwaiti Minister of Finance and Minister of Oil Anas al-Saleh (C) arrives for the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers meeting at Doha Sheraton Hotel in Doha, capital of Qatar, April 17, 2016. (Xinhua/Nikku)

He added that all participating countries will talk with other from now until the meeting in June, stressing on “improved fundamentals” as a reason why an immediate agreement wasn’t necessary.

Al-Sada said the meeting discussed various issues, which he refused to elaborate. However, the participants came to an understanding that there is a need for more consultations before attempting to make a deal.

Major oil producing countries, except Iran, gathered in the Qatari capital Doha on Sunday discussing a possible crude production freeze in a bid to shore up the floundering global oil markets and the sluggish prices.

Altogether 23 countries, both within and outside the Organization of the Petroleum Exporting Countries (OPEC), sent their delegates to the Qatari capital for the “Oil-Producing Countries Ministerial Meeting.”

Sunday’s meeting came after oil prices fell more than 60 percent since June 2014 to as low as 27 U.S. dollars per barrel in January due to the widening glut in the supply. Enditem

Source: Xinhua

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.