OPEC refused to discuss the freezing of oil production

Currently OPEC have no proposals to the June summit to limit the level of production, told Bloomberg six sources in the cartel. Two interviewee said that on Wednesday during a private meeting in Vienna, OPEC representatives discussed the improvement of the main indicators of supply and demand.

Two country representatives, which last month were in favor of freezing production, told Bloomberg that this idea is probably more relevant in connection with changes in the market. Two sources confirmed to the Agency that OPEC has yet to respond to the request of Venezuela, which proposed to invite to the June summit of the cartel participants in the last meeting to freeze production.

At the April talks in Doha the participants failed to reach consensus, as Saudi Arabia demanded adherence to the initiative for the freezing of Iran, whose representatives were not even present at the meeting.

Following the meeting, Minister of energy of Russia Alexander Novak said that further consultations on the freezing of production will have a sense if the members of OPEC will come to a consensus. In an interview, the Minister noted that “freezing makes sense over the next three to six months.” “But if we’re talking about the later stages, it becomes less appropriate,” explained Novak.

Last week, oil prices reached $48,50/barrel. what was the highest since November last year. According to Bloomberg, in April oil production by OPEC countries reached a record level in 1989.

Investor mark Mobius said today in an interview with Bloomberg that the rebound in prices for raw materials is just beginning, as prices in recent months has fallen too much. He noted that investors can make good money on the price recovery.

By 18:23 Moscow time the price of a barrel of Brent crude fell more than $1, to $44,73 from level $of 45.88, recorded on the ICE at 16:45. The sharp decline came after the publication of the data about oil stocks in the United States, which rose more than expected, according to industry portal investing.com.