Iraq was willing to freeze oil production at the January level, if such a transaction is concluded by countries within and outside OPEC. On Tuesday Reuters said a source in the Iraqi Ministry of oil.
“Iraq agrees to any solution that will support oil prices,” — said the Agency interlocutor.
Source Bloomberg in Kuwait stated that OPEC member also agrees to freeze oil production at 3 million barrels. a day.
Tuesday, February 16, representatives of Russia, Saudi Arabia, Qatar and Venezuela have agreed on the readiness to freeze oil production at the level recorded on 11 January 2016. Russian energy Minister Alexander Novak said that the implementation of this agreement will occur, “if other manufacturers will join this initiative”.
Iranian oil Minister Bijan Zanganeh, commenting on the agreements about the freezing, said that his country will not agree to reduce its market share, adding that the results of negotiations of Russia and members of OPEC “should be discussed and explored.”
Bloomberg informed source in Saudi Arabia said that the agreement to freeze must last at least three months before the OPEC will consider reducing the level of production. The current measure, according to him, will allow to understand the market’s reaction and give you time to reduce inventory. For example, frost will be possible to test the mechanism for adjusting the volume of supply on the market, added the Agency interlocutor.
The price of Brent crude peaked at $35,54/bbl. at 10:45 GMT ahead of the meeting of Ministers of energy of Russia and three members of OPEC. By 17:45 GMT April futures at the London electronic exchange ICE fell to $33,30 per barrel.