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A meeting of key oil exporters in Moscow is now in jeopardy

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The meeting of oil-exporting States to discuss the freezing of oil production was in jeopardy. The meeting of the countries may not take place in Moscow on March 20 as it was planned earlier. The reason is Iran's intransigent position, which requires special conditions for itself, Reuters writes with reference to its own sources. The agency sources report that Iran has not yet agreed to join the agreement.

"They do not agree to this meeting. Why are the ministers meeting at the moment? Iran says they will do nothing," a source in a major OPEC exporter said. Another Reuters interlocutor, who is familiar with the discussion of the issue, stressed that Iran plans to freeze production at 4 million barrels per day. This is the level that it had before the sanctions were imposed. This information was confirmed by a source familiar with Iran's position.

Discussion of Iran's participation in the oil production freeze is scheduled during the upcoming meeting of Russian Energy Minister Alexander Novak with his Iranian counterpart Bijan Zanganeh this month, Reuters reports. A number of sources of the agency noted that by that time a proposal may be developed, which will be agreed with the authorities of Tehran.

Reuters sources among fuel exporters told about their fears of a new weakening of oil prices in case the meeting is held too early and does not lead to an agreement. Last week a representative of one of OPEC members said that Gulf oil-producing states would like to hold a meeting in the first half of April in Doha or another city in the region. Another agency interlocutor added that he did not expect significant progress before the planned OPEC meeting in June.

Recall that in February Russia, Saudi Arabia, Qatar and Venezuela reached an agreement on freezing oil production in January, provided that other major exporters will join the agreement. The possibility of holding a meeting in Moscow on March 20 to reach a final agreement was announced by Minister of Oil of Nigeria Emmanuel Kachikwu and Deputy Minister of Oil Industry of Iraq Fayad al-Nemu, RBC writes.

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