Iranian Oil Minister meets with Iraq, Venezuela and Qatar – Yahoo Finance Spain

The Iranian Oil Minister Bijan Zanganeh, received Wednesday his counterparts in Iraq, Venezuela and Qatar to discuss a possible freeze in production, which already has backed by Saudi Arabia and Russia.

Iran returned to the market following the recent lifting of international sanctions imposed by the major powers over its nuclear program. The Islamic Republic has already announced its intention to increase extraction to recover markets, despite the collapse in oil prices. Zanganeh ruled on Tuesday that Iran “renounce” their market share, but said he was “ready to discuss” any production stops.

Saudi Arabia, Russia, Qatar and Venezuela agreed on Tuesday to freeze its Doha production January levels, provided that other major producers join the initiative. Saudi Oil Minister Ali al-Nuaimi, said the agreement aimed to “stabilize the market.” Saudi Arabia and Russia (which is not part of OPEC) are the two largest producers of oil.

The Iranian minister, Bijan Zanganeh, met with his counterparts from Iraq, Adel Abdul Mahdi, and Venezuela Eulogio del Pino and energy minister of Qatar, Mohammed bin Saleh al Sada. Qatar currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC).

The discussions began at 11H00 GMT, said the news service of Iran’s Oil Ministry.

announcement of a possible freeze in production surtió however little effect on the markets, which had expected cuts to absorb the excess supply

-. attentive markets –

the price of crude closed even in retreat, after a brief rally, opening higher on Tuesday, pending the end of the meeting in Tehran. At about 14h05 GMT, a barrel of light sweet crude “(WTI) for March delivery gained $ 1.18, to $ 30.22 on the New York Mercantile Exchange (Nymex). In the London market, Brent North Sea for April delivery rose $ 1.02, to $ 33.20 a barrel.

The market reaction “will depend largely on send signals Iraq and Iran, “said analysts at brokerage of Commerzbank.

Iraq, OPEC’s second largest producer behind Saudi, could make concessions, but” Iran can only stand up production, after fighting so long for the lifting of “international sanctions added.

the price per barrel fell more than 70% compared to June 2014, reaching this year quoted below of $ 30. The fall is largely due to the strategy of OPEC, especially Saudi Arabia, to defend its market share against the producers of oil and gas from shale in the United States. The strategy led to a dramatic reduction in revenue largely dependent on exports of hydrocarbons countries

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