Yemi Adebowale
The meeting of oil producing countries will be held in Russia March 20, Bloomberg reported citing Nigeria’s Oil Ministry.
The news agency quoted Emmanuel Ibe Kachikwu as saying there will be a “dramatic price movement” when the meeting takes place.
“Both the Saudis and the Russians, everybody is coming back to the table,” Bloomberg quoted Kachikwu as saying. He added that producers generally seek a recovery in the crude price to $50 a barrel.
Earlier, Russia’s Energy Minister Alexander Novak said that his country will agree with OPEC and non-OPEC countries to meet in March to discuss the output freeze deal.
Russia, Saudi Arabia, Qatar and Venezuela have agreed to freeze the oil production at the January levels, if the others follow the suit. Later, Ecuador, Algeria, Nigeria, Oman, Kuwait and the United Arab Emirates expressed readiness to join this initiative. Iran and Iraq have just expressed support to the steps for improving the situation on the oil market, avoiding promises to join the deal.
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