The head of the Ministry of energy held a meeting with Saudi oil Minister

In the Qatari capital hosted a meeting of Russian energy Minister Alexander Novak, Minister of oil of Saudi Arabia Ali al-Naimi and other OPEC countries, according to Bloomberg. Previously, the Agency announced the beginning of the meeting, referring to the Advisor to the Ministry of energy of Qatar, and this news led to a rise in oil prices.

Bloomberg notes that organized a secret meeting in Doha recalls the events of “oil diplomacy” of the late 1990-ies, when the OPEC countries with the support of Mexico was able to negotiate the phased reduction of oil production volumes. Something like this is what investors are expecting from the current negotiations.

News about the Russian-Saudi meeting led to a new increase in oil prices. During today’s trading on the stock exchange ICE cost of a barrel of Brent rose to $35,54, which is 6,43% above the closing level yesterday.

Chief analyst at VTB24 Stanislav Kleschev believes that Brent quotes rose in three days so much that if during the negotiations with participation of Russian and Saudi representatives do not reach an agreement to cut production, the speculators will think about profit taking and then oil prices will fall.

According to Bloomberg, after the completion of the Doha negotiations, the participants intend to hold a press briefing.

About a possible meeting with representatives of OPEC, which may be questioned on the decrease in oil production, Minister of energy of Russia Alexander Novak said at the end of January 2016. He also added that trying to convene a meeting of OPEC members.

Nowak then explained that Russia may consider the possibility of reducing oil production only if production will reduce all exporting countries.

“We are ready to discuss the issue of reducing the volume of production, but this does not mean that such decision is made. We are willing to consider. On this issue there should be a consensus. If there is a consensus this [production cut] makes sense, otherwise not,” said Novak in an interview with Bloomberg.

On the same day, four delegates of OPEC said that they had heard about the plans to hold negotiations with Russia about a possible decline in oil production.

Later the experts of the Oxford Institute for energy studies stated that an agreement between OPEC and Russia cut production is unlikely, as attempts at joint reduction of production was made before, but to a real reduction in production they did not.