The representative of Kuwait to OPEC predicted increase in oil prices by $20-30

In an interview with the Agency TASS, al-Shatti said after the meeting of Ministers of oil of Saudi Arabia, Qatar and Venezuela with Russian energy Minister Alexander Novak, in which the parties agreed to freeze the level of production at the January level, the price increased by 10 dollars. “Until we meet again the market is satisfied, and at the end of the next meeting will be a reaction”, he said.

According to officials, if the OPEC countries will hold a meeting and come to a final decision to freeze the level of production, in the optimistic scenario the price could rise by $20-30 or will remain at the current level. If the meeting is not held, the representative of Kuwait does not rule out falling prices.

Earlier, two sources close to the Ministry of energy of Russia, reported that on 20 March in Saint Petersburg to the Russia meeting with the five member countries of OPEC. Invitations were sent to heads of ministries of oil and gas in Saudi Arabia, Qatar, Nigeria, Venezuela, Iran. These five member countries of OPEC together with Russia accounts for about 32% of world oil production.

In the provisional agenda elaboration of measures to stabilize supply and demand in the oil market, oil prices rose. In fact we are talking about the freezing of oil at January 2016 and strengthen legal recognition of this agreement, said all three of the interlocutor.

Minister of petroleum and mines of Venezuela, Eulogio del Pino on Thursday said that in the meeting, dedicated to frozen production, will bring together more than 15 countries — OPEC members and countries outside the organization. The venue he did not name.