Hopes that an oil production freeze could result from a meeting between OPEC and non-OPEC oil producers this coming Sunday are looking increasingly over-optimistic as a number of countries attending the summit could scupper any chances for a deal.
At least 15 major oil producers that account for 75 percent of the world’s oil production are expected to attend the April 17 summit in Doha, Qatar this weekend. Oil prices have rallied of late on hopes that oil exporters, suffering from lower oil revenues on the back of a slide in prices and glut in supply, could be ready to unanimously agree to freeze production levels in order to stabilize and rebalance oil markets.
The 13 members of the OPEC oil producing group, which is led by Saudi Arabia, are to attend as well as Russia, Oman and Bahrain, all non-OPEC producers. Mexico is reportedly participating as an “observer” but the U.S., another major shale oil producer, is not attending although it has seen its own oil output decline dramatically following the slump in prices since mid-2014.