Moscow. April 1. Oil prices fall on Friday on the statements of Saudi Arabia that the country will freeze production only if other major producers, including Iran, will join this decision, reports Bloomberg.
The contract of WTI with delivery in the following month abolished the increase from the beginning of 2016.
The cost of the June futures for Brent crude on London exchange ICE Futures at 16:31 Moscow time has fallen to $1,53 (3,81%) – to $38.8 a barrel.
Futures price for WTI crude oil for may in electronic trading on the new York Mercantile exchange (NYMEX) fell $1.42 (3,68%) – to $36,9 per barrel.
“If all countries agree to freeze the prey, we are ready. But if someone decides to increase production, we also do not miss opportunities that we will have,” said the Saudi Prince Mohammad bin Salman in an interview with Bloomberg.
“If all countries, including Iran, Russia, OPEC countries and other large producers will have to freeze production, we will be among them,” added the Prince.
Freezing oil will be discussed at a meeting of manufacturers in Doha on April 17. Twelve States oil producers have confirmed their participation in the meeting, announced on the eve of the Ministry of energy of Qatar. Members of OPEC not only Libya.
“I see little chance of deal at Doha, if Saudi Arabia was to link the decision to limit production to the position of Iran”, – said the head of Department of trading strategies Saxo Bank commodities OLE Hansen.
As said Friday the Minister of energy Alexander Novak, the energy Ministry has no information about what Saudi Arabia linked its decision to freeze oil production Iran plans to increase oil production.
Earlier, Russia, Saudi Arabia, Venezuela and Qatar have agreed that oil production can be frozen, if other OPEC members will join this initiative.
Iran has repeatedly said that he is going to increase oil production to a level that was before the imposition of sanctions.