These Countries Could Threaten Doha Oil Deal

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.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.