Petroleum Producers meeting without Iran – Le Figaro

Of the major oil producers gather Sunday to Qatar to negotiate a freeze on production to boost prices, but Iran rival Saudi Arabia, decided to send no representative, limiting the scope of a possible agreement.

“the Doha meeting is for people who want to participate in gel production plan” said Iranian Oil Minister Bijan Namdar Zanganeh on his ministry’s website.
“since it is not expected that Iran sign the plan, the presence of a representative of Iran this meeting is not necessary, “he said.

” Iran will renounce in no way to its historical production quota, “said Mr. Zanganeh forcefully, referring to the level of production and export of the country before international sanctions against Tehran.

on Saturday, in an interview published by Bloomberg , Crown Deputy Prince of Saudi Arabia, Mohammed bin Salman, had reiterated that the kingdom does not freeze its crude unless Iran does the same.

the Saudi Oil Minister Ali al-Nuaimi arrived in Doha on Saturday to a meeting between members and non-members of OPEC (OPEC), but he declined to make any statement.

Kamel al-Harami, Kuwaiti oil expert believes an agreement Sunday on a production freeze is still possible even without Iran.

“Iran is unable to add more than 500,000 barrels per day to production by the end of the year, “says Harami told AFP in Doha. “I think this will not have a great impact on the meeting,” he predicted.

Qatar, the host country, said that “atmosphere of optimism” had spread the eve of the meeting, while the acting Minister of oil of Kuwait, Anas Saleh, said to the press that he too was “optimistic”.

however, oil prices finished sharply lower Friday, victims of renewed skepticism before the crucial meeting in Doha that must collect a dozen countries, mainly in OPEC such as Saudi, but also non-OPEC producers such as Russia.

A project approved in February by Saudi, Russia, Qatar and Venezuela, aims to freeze the crude production in the January levels to curb oversupply until demand resume in Q3 2016.


‘Limited impact’ –

Analysts are divided on the results to be expected from the Doha meeting, which could very well send prices higher or cause again their collapse <. br />
Several experts exclude a significant impact on the oil market remained volatile despite the agreement of February. Similarly, the International Energy Agency (IEA) warned that a Doha deal would have a “limited impact” on offer.

Meanwhile, OPEC has indicated before the meeting, that oversupply could accelerate. The organization also revised down its growth forecast for world demand this year and could reduce them further.

The fall of about 60% in crude since June 2014 was caused by an oversupply, following a sharp increase in the production of unconventional oil, including from US shale oil, and the refusal by OPEC in November 2014 to cut production.

exporters have lost hundreds of billions of dollars and charged in budget deficits that led to austerity measures.