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Volume 42 Issue 2
Doha Meeting
Oil output freeze agreed at January 2016 Levels
Within OAPEC member countries’ efforts to secure the stability of the oil market, on 16
February 2016, Qatar hosted a meeting of four parties including Qatar’s Energy and Industry
Minister, Chairperson of the current session of OPEC HE Dr Mohammed Saleh Al Sada, Saudi
Arabia’s Petroleum and Mineral Resources Minister HE Eng Ali Al Naimi, Russia’s Energy
Minister HE Alexander Novak, and Venezuela’s Petroleum and Mining Minister HE Eulogio Del
Pino. The four countries agreed to freeze output at January 2016 levels, after the approval of
OPEC and non-OPEC countries.
Al Naimi:
Agreement
conditioned by
commitment
A press conference followed
the meeting, which included the
four oil ministers participating
in the meeting.
HE Ali
Naimi
described the
Doha
meeting as successful wile
agreement is conditioned
by the commitment of most
OPEC and non
.
OPEC oil
exporting countries
.
On his part,
HE Al Sada
explained that this step should
bring stability back to the oil
market, especially that current
oil price levels have negative
implications for most economies
worldwide.
The Minister described
the meeting as successful as
current oil market statuses
were
reviewed
including
short and long run supply and
demand issues. He negated the
possibility of a continued drop
of oil prices as there has been
a sharp drop in oil investment
in parallel to an increase in
demand for oil at the same time.
He stressed that intensive talks
will begin with OPEC and non-
OPEC countries in order to
maintain market stability and
benefit not only OPEC and non-
OPEC countries but also the
world economy.