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Participants in Qatar talks will meet oil ministers of Iran, Iraq on Feb 17 in Tehran

February 16, 13:00 UTC+3
Russia, Saudi Arabia, Qatar and Venezuela are ready to freeze oil production at the level of January if other oil-producing countries join this initiative
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© AP Photo/Hasan Jamali

ABU DHABI, February 16. /TASS/. Several participants of Tuesday’s meeting of oil and energy ministers of OPEC member-states with Russian Energy Minister Alexander Novak in Qatar’s capital will hold talks with oil ministers of Iran and Iraq in Iran’s capital on Wednesday, February 17, Al Arabiya News Channel reported Tuesday.

According to Venezuelan oil minister who participated in the talks in Doha, "tomorrow we’ll hold talks with (oil) ministers of Iran and Iraq in Tehran."

The Russian minister held talks with oil and energy ministers of Saudi Arabia, Qatar and Venezuela. According to Novak, the countries are ready to freeze oil production at the level of January if other oil-producing countries join this initiative.

"After the meeting four countries - Russia, Saudi Arabia, Qatar and Venezuela - are willing to freeze oil production at the level of January, if other manufacturers join the initiative," the Russian Energy Ministry reported his words.

According to Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi, Riyad hopes that all oil-producing countries are going to agree to freeze the oil production at the level of January 11.

The possible reduction of freeze of global oil production has been in discussion for a long time. At the OPEC summit in December 2015, the cartel failed to agree on production quotas and decided to align its quota with the actual production. This led to a sharp decline in oil prices.

Earlier, Russia’s Energy Minister Alexander Novak said that the subject of the possible consultations in February of OPEC and non-member oil producers could be the reduction of oil production. Prior to that, Transneft Chairman of the Board and President of Transneft Nikolai Tokarev said Saudi Arabia proposed such consultations.

Brent falls below $34 per barrel following Russia-OPEC talks

The price of Brent crude oil futures contract for April delivery rose by 2% on London’s ICE to $33.98 per barrel.

The dollar rose by 12 kopecks to 77.07 rubles on the Moscow Exchange on Tuesday. The euro grew by 28 kopecks to 86.08 rubles.

Earlier on Tuesday, the dollar was falling by 97 kopecks to 75.98 rubles on the Moscow Exchange at the opening of trading on Tuesday, dropping below 76 rubles for the first time since February 4. The euro - by 94 kopecks to 84.86 rubles.

The ruble started to decline following the oil prices after the reports about the talks between Russian Energy Minister Alexander Novak and representatives of the Organization of the Petroleum Exporting Countries (OPEC) member-states in Doha.

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