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World oil prices

Fifteen countries confirm participation in oil exporters' meeting — Russian minister

The meeting will take place on April 17 in Doha

© AP Photo/Hasan Jamali

MOSCOW, March 16. /TASS/. Fifteen countries confirmed participation in the oil exporting nations meeting to take place in Qatar’s capital Doha on April 17, Russia’s Energy Minister Alexander Novak said on Wednesday.

"We talked with ministers of different countries today and discussed the date of the relevant meeting and consultations between OPEC and non-OPEC countries. We agree such meeting will take place on April 17 in Doha," Novak said.

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Documents for the meeting will be prepared during the remaining time, the minister said. "This is most likely to be a resolution or a joint declaration setting forth intentions of the parties to freeze oil production at the level not higher than in January 2016," Novak added.

Measures to monitor arrangements will be discussed, he said. "Qatar, the chairing country in the OPEC, will now send invitations to all countries, both OPEC and non-OPEC members. About fifteen countries confirmed participation within the consultations framework," Novak said.

Iran is ready to take part in the meeting, the minister said. The meeting will also discuss proposals on measures if production stabilization arrangements are breached, he added.

On February 16, the oil ministers of Saudi Arabia, Qatar, Venezuela, OPEC and Russian Energy Minister Alexander Novak met in Doha, Qatar, and expressed readiness to maintain the average oil production level in 2016 at the level of January this year, if other oil-producing countries join this initiative. Iran said in its turn it will join the initiative only after reaching the pre-sanction production level of 4 mln barrels daily.

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Saudi Arabia and Russia are on the right track to stabilizing oil prices

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