No Deal Agreed in Doha - OPEC, No Supply Reductions - 18th April 2016

TORONTO - April 17, 2016 - PRLog -- Baumann Group

No Deal Agreed in Doha - OPEC, No Supply Reductions - 18^th April 2016

After a meeting of 18 countries in Doha, no deal was struck to reduce output in Oil this weekend.

OPEC met in Doha this weekend and despite rumors that a deal would be agreed, by the end of the meeting no agreement was met between the major Oil producers.

Saudi Arabia, the lead country in the international group said before the meeting that any deal would have needed to include Iran, with no Iranian delegate at the meeting, no deal was agreed.

With Brent Oil almost breaching $45 this week optimism was high that an agreement without Iran could be made and even Russia was looking to join a reduction in production. Yet without a general consensus among the rest of the members it is now left until June 2 to see whether a reduction in Oil can be agreed.

The Russian delegation, the only non OPEC member at the meeting expressed disappointment at no decision being reached however the fact that Iran was not present had a major factor and their comments prior to the gathering that they would not look to reduce production probably had a large part in the other member's decision.

Iran has only been able to fully benefit from the lifting of sanctions earlier in the year and has adamantly stated that they will not curb production with warnings that an increase could be a possibility.

It is now expected that Oil will fall further and look to the $30 - $35 per barrel level as investors start the week looking to alternatives.

Equity markets look set to benefit especially as earnings season continues in the US. This week technology stocks start to report in earnest and there should be good inflows off the back of positive data.

Oil  Prices Asian Open 18^th April:

WTI Crude - $40.40 (-2.65%)

Brent - $43.10 (-1.72%)

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