17:22 GMT06 August 2020
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    Global oil prices were on a slow decline early Tuesday behind doubts that a likely decision to freeze output at an upcoming meeting among major producers in the Qatari capital of Doha would keep up the costs.

    MOSCOW (Sputnik) – Brent Crude shares dipped by 0.4 percent to $42.66 per barrel as of 05:41 GMT, while WTI Crude posted 0.37 percent declines at $40.21.

    The Organization of the Petroleum Exporting Countries (OPEC) members and non-OPEC oil producers are expected to discuss freezing oil output to curb oversupplies on Sunday, April 17 in Doha.

    A number of analysts foresee the anticipated freeze to act more as a symbolic step, while others see long-term market stabilization in the move.

    In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market situation in Doha and agreed to freeze oil production at January levels if other countries followed suit, in a bid to keep the oil prices from falling further.

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    Tags:
    crude oil, Brent, OPEC
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