03:33 GMT +321 November 2019
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    Doha Oil Output Freeze Talks a 'Good Start' Despite Initial Failure

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    Sunday's oil producers' Doha meeting on freezing output is a good start for further talks despite its failure to reach an agreement, Iraqi Oil Ministry representative Asem Jihad told Sputnik on Monday.

    MOSCOW (Sputnik) — On Sunday, the participants of the negotiations of the world's major oil-producing countries in the Qatari capital of Doha, which included both Organization of the Petroleum Exporting Countries (OPEC) members and non-cartel producers, failed to reach an agreement on freezing production levels.

    "I do not think that the Doha talks' failure can be considered to be the end, but rather a good beginning. This is just the first meeting of OPEC countries with countries not part of the organization. It is possible that there will need to be repeated attempts for achieving mutual understanding," Jihad said.

    Oil producers' pursuit of an agreement in itself indicates a level of responsibility with regards to the slump in oil prices and the recognition of the importance of restoring them to previous levels, he added.

    Jihad explained the talks' failure by political motivations being at play.

    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.

    The slump has been driven by the ongoing glut in oil supply, with production standing at record levels. The total output by the OPEC member states amounted to 32.182 million barrels per day in December, over half a million in excess of its 31.5-million barrel production ceiling set on December 4. Output increased to 32.3 million barrels per day in January, according to the organization.

    Related:

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    Oil, OPEC, Asem Jihad, Doha
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