11:15 GMT08 August 2020
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    Oil in Turmoil (134)

    Leading global oil producers need to agree to freeze output this week to support prices, the head of Iraq’s State Organization for Marketing of Oil (SOMO) national company said Tuesday.

    MOSCOW (Sputnik) – 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.

    "They should do this deal as this is the only way to support the oil price… Everybody needs it and Iraq supports this deal," Director General Falah Alamri said as quoted by The Financial Times ahead of the FT Commodities Global Summit panel in Lausanne, Switzerland.

    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 the Qatari capital of Doha.

    "Demand is increasing and supply is decreasing as American shale oil especially is falling. The timing is right. A deal would now be effective," he argued.

    Oil prices saw major declines from $115 per barrel in mid-2014 to slightly over $40 per barrel as of mid-Tuesday.

    Oil in Turmoil (134)


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    oil prices, OPEC, Iraq
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