DOHA: Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada (pictured), has explained that the procedures regarding the possibilities of next round of ‘oil output freeze’ discussions will be held after proper talks and discussions with the concerned oil producing countries. Before the next round of discussions the concerned parties will also consider the oil market movements, QNA reported.
The talks in Doha between Opec and non-Opec oil producers yesterday tried to address several concerns related to global oil market. Possibilities of freezing oil production were also discussed as well as several scenarios regarding, when and who will implement this freezing, Dr Al Sada, who is also the President of Opec said. Each scenarios were separately evaluated and discussed extensively, he added. On the possibilities of convening another meeting on the matter, the ministers said it will be decided after the talks and discussions between the participating countries and will also be depending on the oil market movement.
The February meeting in Doha was a good platform for opening communication channels between the concerned oil producing countries. These channels still remain open. Any misunderstanding between the participating countries concerning the mechanism of freezing oil production can be removed, Dr Al Sada said.
On the market impact of Doha summit the Minister said: “We can understand that there are many factors that control the oil prices. These factors have been deciding the oil prices during the past 12 months.” .
“We respect the position adopted by all the countries in the meeting, including Iran. The agreement on the output cap would have been more efficient and effective if all the players in the oil market, both within Opec and non-Opec, had unanimously agreed on it, which would ultimately help rebalance the market”.The Peninsula
