A number of OPEC countries, including Venezuela, Ecuador and Kuwait, want to revive the idea of freezing oil production, reports the WSJ, citing several sources. The proposal to freeze production can be done as the OPEC countries and States outside the cartel, such as Russia.
One source notes that the question of returning to the freezing of production can be raised at a meeting of energy Ministers from producing countries through the International Energy forum in Algeria, which will be held September 26-28.
As notes the edition, negotiations about the freezing of oil production, which was held in Doha in April this year, failed because of disagreements between Iran and Saudi Arabia. Then Iran refused to join the initiative for freezing the production, because he wanted to increase oil production to a level of 4.2 million bpd, which the country provided prior to the imposition of sanctions by Western countries. Saudi Arabia did not join the initiative without Iran. At this moment, the production in Iran is approaching the 4 million barrels a day.
In addition, crude oil prices, after rising in may and June of this year and reaching acceptable levels in the $50-$52 per barrel again began to fall. Compared to the indicators of June the price of Brent crude oil fell 17%.
The head of the Ministry of energy and mines of Venezuela, Eulochio del Pino had previously met with OPEC Secretary-General Mohamed Barkindo and discussed the coordination of oil production.
