4/17/2016, 3:27 PM (Source: TeleTrader)
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Doha meeting in numbers

Meeting of oil producing countries in Doha, Qatar has gathered representatives of 12 members of the Organization of the Petroleum Exporting Countries (OPEC) and a number of significant producers, which are not member of the oil cartel.

Kingdom of Saudi Arabia (KSA) is de facto leader of the group for its wast reserves and production capabilities and daily production of over 12 million barrels per day (Mb/d). Iraq (4.36 Mb/d), United Arab Emirates (UAE, 3.02 Mb/d), Kuwait (2.90 Mb/d), Venezuela (2.45 Mb/d) and Nigeria (1.85 Mb/d) are the other leading producers in the OPEC. However, presence of Angola (1.77 Mb/d), Algeria (1.09 Mb/d), Indonesia (0.7 Mb/d) and Ecuador (0.55 Mb/d), and hosting country Qatar (0.66 Mb/d) is essential for any meaningful decision-making meeting.

Libya refused to attend, with prolonged civil war hurting the oil production and exports for five years, producing roughly 0.45 Mb/d.

Iran has sent governor at the OPEC Hossein Kazempour Ardebilli instead of petroleum minister Bijan Zanganeh. The minister was clear about the country's plans to keep the production at recently achieved levels of 3.6 Mb/d and further increase to make up for the time and money lost during years of embargo.

Also attending will be a number of non-OPEC producers, notably Russia, which produces close to 11 Mb/d. Russian energy minister Alexander Novak was the main person engaged in organising the meeting in the first place, together with KSA.

Oman (0.93 Mb/d) and Bahrain, which is not significant oil producer, have also sent their delegates. Mexico (2.47 Mb/d) has confirmed it will be present as an observer. Norway (1.89 Mb/d), Kazakhstan (1.71 Mb/d) and Azerbaijan (0.80 Mb/d) are also invited to Doha.

Oil prices were falling sharply on Friday, the last trading day before the meeting.

The international benchmark blend, Brent for delivery in June last traded down 2.04% at $42.84 a barrel.

U.S. light sweet crude West Texas Intermediate for May delivery fell 2.25% to $41.62 a barrel.

The OPEC last issued its daily basket price of 13 crudes on Thursday, with the figure standing at $38.58 a barrel on Thursday, which is compared with $38.91 the previous day.


Image: EPA

Breaking the News / ZR