Expert: Oil prices to go up after Doha meeting

Oil prices will stand at $45 per barrel if the market’s major players stick to the agreements reached, says Valentin Zemlyansky, director of energy programs at the Center of World Economy and International Relations at Ukraine’s National Academy of Sciences.

“The upcoming meeting of oil producing countries in Doha will lead to stabilization of crude prices and the price for a barrel of oil will begin to grow,” Zemlyansky told Trend Apr. 14.

The expert believes that Iran doesn’t play a key role on the global oil market and is unlikely to increase production in a short time.

Oil producing countries plan to hold a meeting in Doha on Apr. 17 to discuss freezing the oil output at the February levels in order to stabilize the prices.

During a meeting in Doha on Feb. 16, Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze the oil output at the January levels if other producers followed the suit. Ecuador, Algeria, Nigeria, Oman, Kuwait and the UAE expressed readiness to join this initiative.

Earlier, Saudi Arabia, the largest oil exporter in OPEC, said it will freeze the oil output without Iran’s participation. Iran, for its part, said it won’t join the output freeze initiative.

Source: Trend