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Thursday, June 24, 2021

Report: Qatar meeting of oil ministers leads to production freeze promise

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Officials from Russia and Saudi Arabia, two of the world’s largest oil producers, met today in Doha and said they’d maintain current crude output levels in a move Qatar energy minister Mohammed bin Saleh Al Sada said would help stabilize the market, Reuters reported.

The announcement was a disappointment for some traders who had been hoping for a supply cut to help reduce record oil stockpiles and boost prices, the Telegraph reported. Bloomberg quoted oil consultant Olivier Jakob as saying the freeze “would not create an immediate U-turn but it creates a better foundation for the price recovery” in the second half of 2016.

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