Russia Says Oil-Freeze Deal Could Go Ahead Without Iran
Comments come ahead of meeting between major oil-producing nations in Qatar on Sunday
Russian Energy Minister Alexander Novak said Wednesday that an agreement on freezing oil production could be reached between oil-producing countries without the participation of Iran, Tass reported.
“Everything is possible because this is an open document. Everyone who wants to join it will do so. Those who don’t wish to join—no one will force them to join up,” he said, according to the Russian news agency.
Officials from major oil producers Russia and Saudi Arabia will meet with their Iranian counterparts in Doha, Qatar, on Sunday to discuss an output freeze. As traders looked ahead to the meeting, crude prices were lifted Tuesday to the highest level of the year after the U.S. government said production dropped in March and will likely continue falling.
Some investors see a potential output freeze as a prelude to output cuts later in the year, while others say such a move will do nothing to alleviate the oversupplied market.
However, questions remain over the willingness of the three countries to reach an agreement. Iran has balked at the prospect of joining a freeze deal and has said it will keep pumping until production reaches the level it was at before Western sanctions were put in place—about four million barrels a day.
Source: WSJ – Russia Says Oil-Freeze Deal Could Go Ahead Without Iran
