If OPEC and other oil exporters outside the cartel, will agree to freeze production, a further fall in oil prices should not be, stated Vice Prime Minister Arkady Dvorkovich, answering the question of how will react the oil price in such agreement.
“Such forecasts are difficult to make, but any serious fall in the future should not be”, — said Dvorkovich to journalists on the sidelines of the Krasnoyarsk economic forum (quoted by TASS).
Earlier, on Tuesday, February 16, Russia, Saudi Arabia, Qatar and Venezuela following talks between energy Ministers of these countries in the capital of Qatar has announced its willingness to freeze oil production at the level of January 2016, to curb the glut in the market and raise prices.
The message about the negotiations between the countries led to a rise in oil prices, Brent rose above $35 per barrel. But, after allegations that the country discussed the freezing of production, but not its decline, oil prices began to decline.
The next day in Tehran, OPEC representatives held talks with Iran and Iraq, hoping to convince them to join the agreement. Iran during the talks, insisted that he needed to regain markets lost during the time when he was under sanctions, and that his actions will not significantly impact on the oversupply of oil. During the year, Tehran intends to increase exports to 1 million barrels a day. The Minister of oil of Iran Bijan Zanganeh at the end of the negotiations was expressed very cautiously, saying that his country supports the initiative on freezing of production as a first step to a balanced market and price recovery.
Thursday, February 18, Brent crude oil cost on the London exchange ICE e in the neighborhood of $35 per barrel with variations in the range of $34,35 $35,44 per barrel.
At auction February 19, the April Brent futures fell below $34 per barrel. On the eve of Saudi Arabia stated that it will not cut oil production. The Kingdom has repeatedly voiced this position, stressing that Riyadh will satisfied with the price of oil to $20 per barrel.