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Production Freeze Summit Date Set for April 17 Boosts Oil Price

2024-12-31OANDAOANDA
Oil prices firmed on Wednesday on an announcement that producers will meet next month in Qatar to discuss a proposal to freeze output and on growing signs of a decline in U.S. crude production. Producers both from and outside the Organization of the Petroleum Exporting Countries will hold talks in the capital Doha on April […]



Oil prices firmed on Wednesday on an announcement that producers will meet next month in Qatar to discuss a proposal to freeze output and on growing signs of a decline in U.S. crude production.

Producers both from and outside the Organization of the Petroleum Exporting Countries will hold talks in the capital Doha on April 17, Qatari oil minister Mohammed Bin Saleh Al-Sada said.

Around 15 OPEC and non-OPEC producers, accounting for about 73 percent of global oil output, support the initiative, the minister said in a statement.

Brent LCOc1 crude futures were up 78 cents at $39.52 a barrel at 1140 GMT.

U.S. crude futures CLc1 were trading 79 cents a barrel higher at $37.13.

Saudi Arabia, Qatar and Venezuela along with non-OPEC member Russia agreed last month to freeze output at January levels, but Iran has rejected such a deal.

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