HH the Emir Sheikh Tamim bin Hamad al-Thani and the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates...
There is only “limited market backlash” from the Doha meeting, said QNB, which sees adjustment of oil markets to lower prices gathering pace.
Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.
A deal to freeze oil production by Opec and non-Opec producers will have a limited impact on global supply and markets are unlikely to rebalance before 2017, the International Energy Agency (IEA) said.
Opec warned that the world remains awash with crude ahead of a crunch meeting in Doha between cartel members and other major producers to discuss a production freeze to boost the oil price.
Oil prices rose on Friday, lifted by fresh hopes over a proposed freeze in oil production and firm economic indicators from the US and Germany that cast a positive light on growth in fuel demand.
