This Week’s Market Buzz
Published: Thursday, 25 February 2016 15:19
- Oil prices could move back above $50 a barrel within a year as an OPEC initiative to freeze production gains support, according to CNNMoney. That's the view of Qatar's energy minister, Mohammed bin Saleh al-Sada, who also holds the rotating presidency of OPEC. "At the moment the best possible feasible proposal is to freeze at the level of production of January," al-Sada said in an exclusive interview. "We think [a production freeze] will gather more and more approval because it is [in] the interest of all parties." Five of OPEC's 13 members – Saudi Arabia, Kuwait, UAE, Qatar and Venezuela – plus Russia, have agreed to keep output steady. The idea is that by freezing production the countries will be able to fight a global supply glut, and save their endangered economies. But oil markets continue to be rattled by chaos within OPEC. Iran has blasted the production freeze as a "joke,” and Saudi Arabia says it is not prepared to cut output.
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