17:25 GMT +323 October 2016
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    OPEC, Other Oil Producers to Hold Talks in Moscow Iraqi Oil Ministry

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    A meeting of the Organization of the Petroleum Exporting Countries (OPEC) and oil producers that are not part of the cartel will be held in Moscow on March 20, Iraqi Deputy Oil Minister Fayadh Nema said Wednesday.

    MOSCOW (Sputnik) — On Friday, Russian Energy Minister Alexander Novak said his country was ready to host the meeting, which could be held sometime between March 20 and April 1.

    "The Moscow meeting of the largest OPEC oil-producing countries and states outside the cartel is expected to take place on March 20 and focus on an oil production level freeze," the official said, as quoted by the local Al-Sabah newspaper.

    Nema added that Iraq was ready for constructive talks on the issue.

    In mid-February, energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia held talks on the current oil market situation in the Qatari capital of Doha and agreed to freeze oil production at January levels throughout 2016 if other countries followed suit. Iran did not take part in the meeting. A number of other countries have expressed interest in the deal.

    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 an ongoing glut in global oil supply. The slump has caused significant financial problems for many oil exporting countries.

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    oil market, OPEC, Fayadh Nema, Iraq, Russia
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