Senior Saudi Oil Advisor Says New Oil Output Freeze Meeting Will be in June

Oil-producing nations will discuss an oil output freeze at OPEC’s meeting in June, a senior Saudi oil advisor said on Thursday, keeping open the prospect of action to boost prices despite the collapse of talks on a deal in Doha.

The deal, in the making since February, had helped oil prices to rise from a 12-year low reached in January. But it fell apart on Sunday in Doha after Saudi Arabia insisted Iran took part, raising fears in OPEC of a renewed price drop.

“Even though there was no agreement, the door for future cooperation remains open, and there sure will be further discussion at the next OPEC meeting in June,” Ibrahim al-Muhanna told an oil conference in Paris.

OPEC Secretary General Abdullah al-Badri, speaking at the same conference, said some ministers may bring up the production freeze issue in June, but that it was not on the OPEC secretariat’s agenda. The OPEC meeting is on June 2.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza