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OPEC agrees oil output freeze

Key data due from UK, Germany and US, while crude rallies ahead of Doha meeting of oil ministers

Baku. 16 February. REPORT.AZ/ Qatar’s energy minister Mohammad bin Saleh al-Sada said the decision by his country, Saudia Arabia, Russia and Venezuela to freeze output at January’s levels depended on other major producers following suit.

Report informs, a strategist at Petromatrix, Olivier Jakob, told Reuters: 'It’s really the first supply management decision taken since November 2014 so even though there will be some that will try to discount it and say it’s not a cut, it’s a change. It’s a big change in policy.

Brent crude is now up 1.4%, down from its early 4.5% rise, while shares are also slipping. Germany’s Dax has dipped into negative territory, down 0.14% while the FTSE 100 is now up just 15 points.

Analytical Group of Report News Agency believes, the current output rate is high enough and demand has already exceeds offer about 1.5 million barrels/day. In the background of the latest figures on China export and import, global demand for oil is expected to decline slightly. Aa analysts has expected a such decision on oil, oil prices began to decrease in world markets. So, "Brent" crude oil price was $35.54/barrel before Doha meeting, while currently this level has dropped 4% and now makes about $34/barrel per barrel. The analysts believe, the oil price will stabilize at this rate and to increase again.

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