Tuesday, February 16, 2016

Market News

All eyes on the big Meet at Doha,Qatar

Top oil officials from Saudi Arabia, Russia and several key OPEC (Organisation of the Petroleum Exporting Countries) members will be  meeting for  discussion in months, to tackle a devastating supply glut.The Actual agenda of the meeting was unclear till Monday. 

Oil minister of Qatar is also expected to attend the meeting as he will be playing an important role in coordinating the consultations among members.

The talks will be held in Doha,Qatar and it will  involve powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak,both of them must reach an accord for any coordinated global action to hold any hope of success.

They will also be joined by Venezuela's Oil Minister Eulogio Del Pino, whos is constantly visiting major oil producers to increase the support for the and halt the trend of  downward oil pricing.The meeting seems to happen after more than 18 months of declining oil prices  below $30 a barrel for the first time in over a decade. The fall has been longer and deeper than anyone predicted, and the mood may be shifting among producers which until now have been determined to defend market share rather than prices.