Tuesday, February 16, 2016


Successful Meet at Doha: Oil Production will be stabilized 

"Qatar, Saudi Arabia, Russia and Venezuela would lead an effort to freeze output at January levels and due to which  Brent crude futures pared gains."

 The large producers met in Doha, Qatar, to discuss measures to tackle a supply glut that's sent prices to 13-year-lows.It had become a global issue as Saudi Arabia was not ready to freeze the supply of oil due to which oil prices went down.

Qatar's energy minister, Mohammad bin Saleh al-Sada, believes that the agreement would help in  stabilizing  the market. Saudi oil minister Ali Al-Naimi said the freeze was "adequate" for the market, and declared the  meeting to be  successful. He added he hoped producers inside and outside OPEC would adopt the proposal.
Qatar is the current holder of the rotating OPEC presidency.
Earlier, news of the meeting news sparked hopes of an eventual deal on supply cuts, after Saudi Arabia-led oil cartel OPEC previously persistently refused to lower its 30 million barrel-a-day production ceiling in a strategy to squeeze out higher cost energy producers, including U.S. shale companies.