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    The Baku Aquatics Centre, one of the venues of the 2015 European Games stands in the background, as an oil pump works a nearby field in Baku, Azerbaijan.

    Draft Doha Deal Implies Oil Output Freeze Until October

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    Azerbaijan’s Energy Minister Natig Aliyev confirmed Sunday that the draft agreement of the oil-producing countries implies production freeze till October.

    DOHA (Sputnik) – The draft agreement of the oil-producing countries, summing up the Doha meeting results, presupposes production freeze at the January level for the period until October, Azerbaijan’s Energy Minister Natig Aliyev confirmed Sunday.

    Earlier in the day, Reuters reported, citing official sources that the freeze would be introduced to last until October 1 and, afterward, oil producers would arrive in Russia for a new meeting on the issue.

    "Yes, it [the draft deal] includes the freeze at the January level until October," Aliyev told reporters.

    Oil prices have plunged more than 60 percent from their peak of $110 a barrel in June 2014 amid fears that the global oil production was outpacing the world’s demand.

    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.

    Later on Sunday, the Qatari capital is set to host talks of the Organization of the Petroleum Exporting Countries (OPEC) members with oil producers not forming part of the cartel.

    Related:

    Oil Production at January Levels to Freeze Until October 1, 2016
    15-16 Countries to Take Part in Oil Production Freeze Meeting - OPEC Chief
    Oil Production Freeze to Stabilize Market by 2017 - Russian Energy Minister
    Azerbaijan to Take Part in Oil Producers’ April 17 Meeting in Doha
    Tags:
    oil output, freeze, price, oil production, assets, OPEC, Natig Aliyev, Doha, Qatar, Azerbaijan
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