Oil producers to meet in Doha on April 17

DOHA: Minister of Energy & Industry H E Dr Mohammed bin Saleh Al Sada (pictured) who is also the current President of the Opec Conference announced yesterday that a meeting of Opec and key non-Opec countries will be held in Doha on April 17. The meeting is a follow-up to that held last month in Doha in which Qatar Saudi Arabia Russia and Venezuela proposed an accord to freeze oil output at January levels and called on other producers to do so.

Some 15 Opec and non-Opec producers accounting for about 73 percent of global oil output are supporting the initiative.

Opec president Qatar had been coordinating with members and non-Opec oil producing countries to gather more support for the Doha initiative to stabilise the market.

The proposal is being supported by Opec and non-members including Saudi Arabia and Russia. Dr Al Sada added: “Continuous efforts of the Qatari government have been instrumental in promoting dialogue among all oil producers to support the Doha initiative helping the stabilisation of oil market in the interest of all”.

It is worth noting that the Doha meeting of February 16 has changed the sentiment of the oil market and put a floor under the oil price. This has triggered a broad and intensive dialogue between all oil producers out of the conviction that current oil prices are not sustainable.

This is evident by the unprecedented drop in investment in the oil industry which has indeed started to impact oil production worldwide showing a decline that seems likely to continue.

This drastic reduction in investment is already taking its toll on the oil industry.

Kuwait meanwhile welcomed an invitation from Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada to attend the meeting which aims to complete earlier consultations on efforts to ensure stable oil markets and prices. In a statement carried by Kuwait News Agency Kuwaiti Deputy Prime Minister Finance Minister and Acting Oil Minister Anas Al Saleh said that his country’s participation reflected its support to producers’ efforts to stabilise the global oil market.

The Peninsula