New OPEC talks on the horizon for June

OPEC has expressed desire to continue talks about oil production cuts in June after talks failed on Sunday's meeting in Qatar. On Sunday trouble arose as Saudi Arabia insisted that Iran, who has been producing at high levels, be present at the talks. However, Iran has insisted that it does not see chance to benifit of production cuts with its newly lifted sanctions. Around 16 ministers from OPEC and non- OPEC gathered in Doha on Sunday.

Following the failure to establish an agreement in Doha, crude prices saw a drop on Monday and have since recovered following continued strikes in Kuwait, thereby cutting production on oil. Iraq, who has pumped around 4.55 million barrels per day in the month of March, has supported an agreement reached a few months ago between Russia, Saudi Arabia, Venezuela and Qatar to freeze production at January levels.

It would prove tough to get Iran at the table for June's meeting as the country's oil minister described the imposing of production cuts as an 'illusion' and not a step the country is willing to take. In Mach the country is said to have pumped around 3.2 million barrels crude per day and aims to increase production in the following months to 4 million barrels per day.

 

 

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