Meeting of the largest oil exporters in Moscow was under the threat of failure

Working in the oil field

The meeting between the oil producers in Moscow on 20 March to discuss the agreements about the freezing of production is unlikely, reports Reuters, citing informed sources. According to their information, Iran had not agreed to join this arrangement.

“They don’t agree to a meeting. Why now to meet the Ministers? Iran says they won’t take,” — said the source in the largest exporter, is a member of OPEC. Another source familiar with the discussions, said that Iran is willing to freeze production at 4 million barrels./day, that is on the level that he was before the imposition of sanctions. This information was confirmed by a source familiar with Iran’s position.

Part of Iran to freeze production will be discussed this month during a meeting of heads the Ministry of energy of Russia Alexander Novak with his Iranian counterpart, Bijan Zanganeh, writes Reuters. Some Agency sources hinted that in time this may be developed the proposal, agree in Tehran.

Some exporters told Reuters that they are afraid of a new weakening of oil prices, if they start too early and can’t come to an agreement. Last week, a representative from OPEC said that oil-producing countries of the Persian Gulf would prefer to meet in the first half of April in Doha or in other cities in the region. Another interlocutor of the Agency noted that it did not expect significant progress previously scheduled OPEC meeting, which will take place in June.

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In February, Russia, Saudi Arabia, Venezuela and Qatar have agreed to freeze oil production at the January level under the condition of accession to the agreement by other major exporters. About the possibility of holding a meeting in Moscow on 20 March to reach a final agreement, said the Minister of oil of Nigeria Emmanuel Cacique and the Deputy Minister of oil industry of Iraq Fayad al.

Amid expectations of a real freeze production, oil prices rose to $40/bbl., that is 50% higher 12-year low recorded in January, Reuters reports.

18:36 Moscow time the barrel of oil of mark Brent with delivery in may on the London electronic exchange gave $39,94, which is 2.73% below the closing level. Financial Times relates the price decline with the advent of information about the postponement of the summit to freeze because of Iran’s position.

The representative of the Ministry of energy said RBC that the negotiations about the date and place of the meeting of representatives of oil-producing countries continue. According to him, Novak plans to visit Iran on March 14. Other Agency staff confirms that the Russian Minister will try to persuade Iranian authorities to participate in a possible meeting in Russia and not to increase oil production to offset the price reduction.