“Arab countries not ready to make concessions to Iran from political or economic points of view”
There is no point to freeze the oil output at January or February 2016 levels, Dmitry Evstafyev, professor at Russia's National Research University Higher School of Economics, told Trend May 26.
The OPEC meeting to be held June 2 won't bring visible results, as the oil prices have already started to rise against the backdrop of a moderate increase in demand and oversupply.
During the previous meeting in Doha in April, the oil producing countries failed to reach an agreement on output freeze to stabilize the market.
"I believe that Iran will try to get maximum concessions from Arab countries for the output freeze," said Evstafyev, adding that however, Arab countries are not ready to make concessions to Iran from the political or economic point of view.
He noted that the key issue which is of interest for the world market, is the US' ability to relatively quickly restore the shale oil production with the prices standing at $42-$47 per barrel of WTI.
"This will show the real potential of the US shale oil as a rival of the traditional oil," added the expert.
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