The lack of compromise at the meeting of oil-producing countries in Doha for the freezing of oil production will be rather negative for the level of prices for oil, said energy Minister Alexander Novak.
“As for prices – see how the market reacts. In my opinion, this failure to achieve agreements, terms and conditions of agreements that might be reached, probably is still negative for the market prices,” he said, reports TASS.
The Minister noted that the situation would depend on the perception by the market received following the results of negotiations in Doha, information, as well as the behavior of market participants.
The world prices for oil on Monday have already started to decline outcome of the negotiations the largest oil producers in Doha.
The negative results of the meeting was reflected in other market indicators. So, the copper price during the auction the first day of the working week also decreased on the background of the outcome of the meeting between the largest countries-manufacturers of oil. Stock markets in the Asia-Pacific region (APR) on Monday traded in the red zone. However, gold rises in price from-for growth of demand for safe assets.
Previously, Saudi Arabia had talked about the possibility of a transaction, but the negotiations in Doesangela tough stance and refused to support any agreement without the participation of Iran. Iran, in turn, expressed their readiness to discuss the issue by freezing only after desanctions level of 4 million barrels a day and felt it inappropriate to participate in the meeting in Doha.
Bloomberg reported that “big deal” by freezing the level of oil production “Pala of certainaffinity between Saudi Arabia and its main regional adversary (Iran), which had upset over the conflict “by proxy” in Syria and Yemen”.
The head of the Ministry of energy of Russia Alexander Novak was not to blame Iran and Saudi Arabia in the breakdown of the Doha agreement. “I think the main reason is that different approaches to the terms of the agreement. As for the freezing, we all believe that this is a viable opportunity,” – said the Minister.
