admin May 4, 2016

Iran’s position on freezing of oil production does not play a key role any more as oil prices continued increasing after the failure of oil producers’ meeting in Doha, Valentyn Zemlyansky, director of energy programs at the Center of World Economy and International Relations of Ukraine’s National Academy of Sciences, told Trend May 3.

He said that OPEC’s next meeting in June will not bring significant results, but the stabilization of oil prices is worth expecting.

“I think it is possible to talk about cautious optimism concerning price stabilization on the global oil market,” he said. “It is possible to expect $60 per barrel by late 2016.”

The recent meeting of oil producers in Doha ended without reaching an agreement on oil production freezing at the level of January. The reason was the non-participation of Iran and Libya. The OPEC member-states will hold the next meeting in June.

The global oil prices increased on May 3.

The price for the July futures of the North Sea Brent oil mix increased by 0.79 percent to $46.19 per barrel, while the price for the June futures of the WTI oil rose by 0.56 percent to $45.03 per barrel on May 3.

Source: Trend News Agency