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Kuwait urged to freeze oil production at the level of February

Кувейт призвал заморозить нефтедобычу на уровне февраля

The official representative of Kuwait to OPEC Nawal al-Fezia said that oil producers in the negotiations in Doha at the end of next week (April 17) may agree to freeze production at the level of February. About it reports Bloomberg. According to her, the oil-producing countries in the conditions of falling prices there is no other choice but to freeze production.

She also suggested that the balance in the oil market will recover in the second half of this year. By the end of the year oil prices could rise up to 45-60 dollars per barrel, says al-Fezia.

April 17 in the Qatari capital of Doha to meet the largest oil producers. They will discuss the issue of freezing the production. Saudi Arabia, Qatar, Russia and Venezuela have agreed to limit production to the level of January of the current year. Willingness to join the agreement also expressed Ecuador, Algeria, Nigeria, Oman, Kuwait, UAE.

However, Saudi Arabia is not going to freeze production while on the same step will be Iran.

In the last two years as the price of oil fell under pressure from a range of factors. One of them is the increased production by OPEC members. As a result of oversupply in the energy market emerged oversupply of 1.5-2 million barrels per day.

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