Several OPEC Members May Resume Talks on Oil Production Freeze in Fall

Several members of the Organization of Petroleum Exporting Countries (OPEC) may resume talks on setting new limits on oil production in September, media reported.

MOSCOW (Sputnik) — The persistent low oil prices and market instability led to an April meeting of OPEC and non-OPEC oil producers in Doha to discuss a possible freeze of oil output. The meeting failed to produce an agreement as OPEC members were sharply divided over capping their own production.

The Wall Street Journal reported, citing sources familiar with the situation, that the list of countries willing to organize a meeting on the issue comprises Venezuela, Ecuador and Kuwait. Some OPEC members believe that they could solve the issue on September 26, when oil producers meet at the International Energy Forum (IEF) in Algeria.

Iran may agree to participate in the talks on freezing of oil production if, according to the sources, reaches from 4 million to 4.2 million barrels a day. However, a spokesman for Iran's Oil Ministry refused to comment on whether the country would consider joining the talks.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries.

In order to support oil prices, both OPEC member states and non-cartel members made a number of efforts to freeze oil output, but these attempts failed.