Major oil producers gathered in Qatar today for crucial talks on capping production to boost prices, despite Iran’s refusal to take part.
Top energy officials from some 15 countries including Saudi Arabia and Russia were at the Doha talks, amid reports a draft agreement was in the works to freeze output at January levels until at least October.
Major producers both inside and outside the Organisation of the Petroleum Exporting Countries are anxious to stem a nosedive that has cost exporters billions in lost revenue.
From above $100 in mid-2014, oil prices dropped to 13-year lows of around $27 in February due to a supply glut, though they have since rebounded to about $40.
Officials held “consultations” in the morning and delayed the official start of the meeting from 0600 GMT to the afternoon, a member of the Ecuadorian delegation told reporters, declining to provide details.