Draft Doha agreement would freeze output until October
A draft agreement among oil producers meeting on Sunday in Doha says average daily crude oil production in each month would not exceed the level recorded in January this year, according to a copy of the draft seen by Reuters.
The freeze would last until Oct. 1 this year, and producers would meet again in October in Russia to review their progress in engineering “a progressive recovery of the oil market”, the draft reads.
Final agreement has not been reached on the draft, but several senior sources in countries’ oil ministries said they were optimistic that a deal would be reached. Read more