The oil Minister of Oman, Mohammed al-Rumhi believes that the decision by producing countries to freeze the oil will help to balance the market before the end of this year, reports Bloomberg.
According to him, the draft agreement discussed at the meeting of oil-producing countries in Doha, involves the freezing of oil production before October 1 of the current year. This version of the agreement, said Mohammed al-Rumhi, support Saudi Arabia and Russia.
The Minister added that the draft document did not contain any enforcement mechanisms and liabilities of maintaining oil production at the January level, however, in his opinion, all the participants will join him.
Meeting of oil-producing countries held in Doha (Kuwait) after the February in Russia, Saudi Arabia, Qatar and Venezuela have agreed to freeze oil production at the January level, provided that other oil-producing countries will join the initiative.
