Doha to host oil talks between Russia and OPEC states
Energy ministers of several OPEC member countries and Russia will hold talks on the current the situation in the oil market in Doha on February 16, the The Wall Street Journal reported, citing OPEC sources.
In particular, the meeting will be attended by ministers of Saudi Arabia, Nigeria, Venezuela and Russia.
Venezuela is an initiator of holding an urgent meeting with involvement of non-OPEC producers to discuss the possible production cuts.
Analysts are too skeptical about the chances of cooperation between OPEC and non-OPEC on production cuts.
The main reason for that, analysts believe, is the willingness of OPEC major oil producers to defend its market shares by keeping oil production high.
Total OPEC production in 2015 amounted to 31.846 million barrels per day compared to 30.771 million barrels per day in 2014. The official production quota for OPEC production is set at 30 million barrels per day.
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