This week the Minister of Defense of Saudi Arabia Mohammad bin Salman Al Saud triggered a slump in oil prices by announcing that Saudi Arabia would freeze oil prices only if Iran and other large oil producers joined the agreement. This statement strengthened market participants’ skepticism regarding the coming meeting in Doha and causing negative sentiment on the commodity market.
Iran will support the initiative to freeze oil production only after 4 million barrels per day production level is reached. According to OPEC, at the moment Iran pumps about 3.1 million barrels per day.
Earlier Libyan government made a statement that they are going to take part in the meeting in Doha and freeze oil production.
