Oil prices dipped slightly in Asia today but stayed above $41 a barrel as OPEC raised the hopes of a moderate rebound from a meeting of key producers in Qatar in April.
Mr. Abdalla El-Badri, the Organization of the Petroleum Exporting Countries Secretary General had said in Vienna on Monday that about 15 or 16 nations will attend the discussions on output caps in Doha on April 17, but didn’t know whether Iran will join.
The meeting will follow last month’s talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels.
Iran has said it would not join the effort until its own crude production reached the pre-sanctions levels of 4.0 million barrels per day, about double its current output.
This follows a buoyant week which lifted WTI above $40 for the first time since December, boosted by a sharp drop in the dollar, which generally reduce the price of the crude oil. This is anticipated to trigger the producers to freeze the output so as to force the price up.