Report: Kuwait hopes for oil production freeze at February’s level

MOSCOW, Apr 5 (PRIME) -- Oil producers may decide to freeze oil output at February levels following a meeting in Doha on April 17 that will support oil prices, Kuwait’s OPEC governor Nawal Al-Fuzaia said in an interview to Bloomberg on Tuesday.

Oil producing countries may agree on oil freeze even if Iran does not participate in the negotiations, because they have no choice, she said.

If the agreement is reached, oil prices may rise to U.S. $45–60 per barrel by the end of the year, according to Fuzaia.

In February, Russia, Saudi Arabia, Qatar, and Venezuela agreed to freeze 2016 oil output at the January level if other oil producers join the initiative. Ecuador, Algeria, Nigeria, Oman, Kuwait, and the UAE were among the countries which expressed their readiness to join the initiative.

On April 1, Bloomberg reported citing Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman that the country will only freeze its oil output if Iran and other major producers do so.

On Monday, Russian Energy Minister Alexander Novak said Moscow is ready to hold negotiations with Riyadh before the oil freeze meeting.

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