May 25, 2018

Qatar invites Iran for oil talks

Qatar invites Iran for oil talks

Qatar said on Tuesday that it has invited Iran to join talks among the world’s top oil producers next month on implementing a proposed output freeze to stabilise plummeting prices.

The Qatari energy ministry said all 13 OPEC members including Iran had been invited to the April 17 talks in Doha with key non-cartel producers including Russia.

Russian Energy Minister Alexander Novak said last week that Iran had indicated it was “ready to participate” despite its demand for an exemption from the freeze to allow it to boost its exports after its return to international markets following the lifting of Western sanctions.

The prospect of an Iranian exemption has kept world crude prices under pressure, despite the increase in Iranian output so far being more than outweighed by a sharp fall in production by other OPEC members, notably Iraq. Next month’s meeting in Doha is a follow-up to talks last month between Qatar, Russia, Saudi Arabia and Venezuela in which they first mooted the output freeze. Read more

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