Saudi Arabia is expected to participate in an April summit of OPEC and non-OPEC oil producers in Doha, Qatar, which is likely to be held April 17, according to Bloomberg. The meeting is to discuss the prospect of freezing output and easing the global supply glut.
The meeting would seek commitments on the proposed freeze from a wider range of producers both within and outside OPEC. Representatives of approximately 15 countries have confirmed that they will participate in the meeting. It is not yet known if Iran will be represented at this summit. Iran is increasing its production following the lifting of economic sanctions, and has said that it won’t participate in any accord until its output has recovered.
Bloomberg reported that Qatari Oil Minister Mohammad Al-Sada stated that the proposed freeze had put a “floor” under oil prices, and noted that the oil price rallied after the minister’s comment, gaining 4.1% on Wednesday to settle at $40.33 a barrel in London.