OPEC Doha Meeting: The agreement on Oil Production Freeze failed

DOHA, Qatar — Officials from 18 oil-producing nations failed on Sunday to reach a deal to freeze oil production at current levels.
The officials, who represented most of the Organization of the Petroleum Exporting Countries as well as Russia, seemed to head into the meeting full of confidence that a deal to stabilize the oil markets could be reached.
Instead, the talks dragged into the evening before Qatar’s energy minister, Mohammed bin Saleh al-Sada, told a news conference that the group had been unable to reach agreement.

“The meeting concluded that we all need time for further consultation,” Mr. Sada said. He said that “participating countries will consult among themselves and with others” until the next OPEC meeting, which is scheduled for June in Vienna.
In what seemed to be an effort to sugarcoat the failure, Mr. Sada said that market fundamentals had improved since the idea of a freeze was first broached by Saudi Arabia, Russia and Venezuela at a meeting here in Doha in February. But market participants are likely to take a negative view of the major producers’ not even being able to reach a deal to hold production at its current high levels.

The meeting failed, but we should be optimistic, especially for our oilfield chemical company, oil demand is increasing day by day, even though the oil production goes down, it will be temporary.
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