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OPEC members invited to output freeze meeting

OPEC members invited to output freeze meeting
Around 15 countries are expected to join oil output freeze talks on April 17

All OPEC members were sent an invitation to the oil output freeze dialogue planned for April 17, said Abdalla Salem El-Badri, acting secretary general of OPEC late on Monday.

OPEC and non-OPEC producers including Saudi Arabia, Venezuela, Qatar and Russia agreed in mid-February to freeze production at January levels to stabilize dropping global oil prices.

Amid uncertainty and speculation of a date for the meeting, on March 16, Qatar’s Energy Minister Mohammed Bin Saleh Al-Sada announced that major global oil producers will meet in Doha on April 17 to discuss their strategy to freeze output to achieve a stable market.

Speaking to the press after the twelfth meeting of the energy dialogue between the EU and OPEC in Vienna, El-Badri said he did not know if Iran would attend the meeting.

Iran previously voiced reluctance to comply with talks or join the cause, saying it targets 4 million barrels per day of output before considering entering talks on a possible oil production freeze.

"It is Iran's own decision whether to attend the meeting or not," he said. "We will see who will reply to the invitation and who will not," he added.

El-Badri added that no matter who attends, he hopes the meeting will be successful in reaching a joint decision satisfying all sides.

He said that the meeting has been organized by some members of OPEC, and not by the OPEC organization. He added that around 15 countries are expected to join the talks in Doha.

He said that he was confident that the global oil price would rise to a "moderate level."

The global oil price currently is around $41.59 per barrel.

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