Important meeting held in Doha by OPEC to reduce production

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A high-level discussion took place in Doha and major oil producing countries participated in win-or-lose talks. This meeting was arranged to design a deal on reducing the oil production.

The energy minister of Qatar Muhammad Bin Saleh Al-Sada said in a press statement that this meeting took more than six hours, but the oil producing countries declared after negotiations that more time should be given to them to reconsider and finalize the deal for the reduction in their oil production. He added that more time has been given to them in order to consult with OPEC and non-OPEC oil producer countries. He said that the participation of Iran will be more effective, we respect Iran and Iran will be agreed to cooperate with OPEC in order to reduce its production.

OPEC Meeting in Doha

Point to be noted that oil price again showed decline on Monday due to the major oil producers in the world didn’t finalize any agreement in order to overcome the global oversupply problem. Al-Sada further added that continuous tension between Saudi Arabia and Iran mentally disabled the deal. It is important that oil prices showed fluctuation and showed movement downwards at least 5 percent because the major oil producer Saudi Arabia stressed that all the members of OPEC should be included in the agreement, especially Iran to decrease the production according to the agreement. He added that Iran had boycotted the meeting, but most of the participated countries believed that they would reach an acceptable agreement. He also mentioned that very high production decreased billions of revenues for the oil exporters since the mid 2014.

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