OPEC warned on Wednesday that the world remains awash with crude ahead of a crunch meeting in Doha between cartel members and other major producers to discuss a production freeze to boost the oil price.
The Organisation of the Petroleum Exporting Countries said in its April monthly report that oil prices rose more than 20 percent in March, continuing a slow recovery from the huge drop of 2014-15.
“Positive market sentiments continue to arise from the output freeze plan being considered by major crude exporters,” as well as an expected fall in output in the United States and elsewhere, OPEC said. “Nevertheless, hurdles prevail as oversupply persists and inventories remain high,” it warned. All oil producers, not just those in the 13-nation OPEC but also non-cartel members like Russia, have suffered from the more than 60-percent drop in oil prices since mid-2014.