Saudi Arabia won’t reduce oil production if Iran and the other producers agree to freeze it at a meeting in Doha on April 17. About it reports on Saturday, April 16, Bloomberg.
“If all major manufacturers will not freeze the production, we will be unable to pause”, — quotes Agency the words of the Minister of defence of Saudi Arabia Prince Mohammed bin Salman. He noted that in this case the Kingdom will be to sell the oil “at every opportunity”.
According to Prince, Saudi Arabia does not suffer from low energy prices. “If prices rise to 60 or 70 dollars [per barrel], it will be a strong impetus to the development. But it’s not my fight. This is the case of those who suffer from low oil prices”, he said, adding that the Kingdom have their own programs that do not require high prices.
April 17 in the Qatari capital of Doha to meet the largest oil producers. They will discuss the issue of freezing the production. The meeting reaffirmed Russia, Saudi Arabia, Iran, Qatar, Venezuela, Ecuador, Algeria, Nigeria, Oman, Kuwait, UAE.
April 13 Saudi oil Minister Ali al-Nuaimi advised to forget about the reduction of oil production. April 1, Mohammed bin Salman said that the Kingdom is preparing for “the twilight of the petroleum century” and plans to create a sovereign Fund with a volume of two trillion dollars for later get rid of dependence on oil.
In the beginning of the year oil prices fell to below $ 30 per barrel, which threatened the budgets of a number of producing countries. In recent days on expectations of understanding about the halt in the increase production of oil has risen. Friday, 15 April, Brent oil traded at the level of 42,9 USD per barrel.
