19:40 GMT +3 hours24 July 2016
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Oil Ministers of Iran, Iraq, Qatar, Venezuela Meet in 'Negative' Atmosphere

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The meeting of oil ministers of Iran, Iraq, Qatar and Venezuela in Tehran to discuss a reduction in oil output is being held in a "negative" atmosphere, a source close to the negotiations told Sputnik on Wednesday.

TEHRAN (Sputnik) — On Tuesday, the energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha and agreed to freeze their average monthly oil output throughout 2016 at January levels if other countries followed suit.

On Wednesday, the energy ministers of Venezuela and Qatar, who is also OPEC president, are expected to convince Iran and Iraq to join the agreement during the ongoing meeting.

"The atmosphere there is negative. We do not expect that the participants will reach an understanding easily," the source said.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, mostly because of prolonged global oversupply and weak demand.

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