Non-Opec member Oman yet to be invited to Doha meeting
Oman has said it’s yet to receive an invite to a historic meeting of oil producers, where they’re expected to discuss freezing output to support prices.
This is despite Oman being the largest non-opec oil producer in the Middle East, pumping out around 1m barrels per day.
“We have been exchanging some views with other oil producers. We have not received an invitation to attend the meeting yet, but we will attend if we receive it,” Omani oil minister, Mohammad bin Hamad al-Rumhy, told a news conference today.
Brent crude prices have fallen from $115 per barrel in the middle of 2014 to $41, piling pressure onto oil producing nations’ public finances.
It was revealed last week that a meeting of Opec and non-Opec producers was scheduled for April 17 in Doha, Qatar.
This followed an initial production freeze deal in February between Saudi Arabia, Qatar, Venezuela and Russia.
It’s unclear whether all 13 Opec members will attend the Doha meeting, and which non-Opec producers will do so.
Analysts have warned that the production freeze deal is unlikely to impact the supply glut without cooperation from rebel Iran.
Iran has repeatedly said that it will not participate until its oil production has returned to 4m barrels per day.
Russia said earlier this week that Iran has a right to duck out of the deal until its oil output has recovered to pre-sanction levels.
“We share (the view) that Iran is in a special situation. The sanctions that had been introduced had materially hit (Iran’s) output,” Russian energy minister Alexander Novak said.
Source: City AM
