Falling oil with signs of divergence between Saudi Arabia and Iran – Jornal de Negócios – Portugal

Mohammed bin Salman revealed on Friday that Saudi Arabia only freeze production if Iran and the major producers did. But in an interview with Bloomberg, the Saudi prince also pointed out that if any country to increase production, the Saudi also would. Iran has come to say it would increase production. And the oil back to devalue.

After the statements by the Saudi prince, at the end of last week, Iran has come already said it will continue to increase its production and exports to that market reach the position it had before the imposition of sanctions.

the oil minister, Bijan Zanganeh, added, however that an “agreement among the main exporters in the world, members of OPEC and non-OPEC, such as Saudi Arabia and Russia to freeze production at the levels of January is a positive step,” reveal Speaking to Mehr agency quoted by Reuters.

in addition, revealed that would meet in Doha, scheduled for April 17, if “had time”.

These statements from Saudi Arabia and Iran are to be seen by investors as an indication that an agreement between major oil producers may be concerned.

“The statements of Salman seem to be a warning to those who take advantage of a freeze on production without having to cut production,” said Hong Sung Ki, analyst of raw materials from Samsung Futures, quoted by Bloomberg.

But there are other data to anticipate that an agreement may be difficult to achieve. Russia increased production by 2.1% in March from the previous year to 10.912 million barrels per day, according to the Energy Ministry, cited by Bloomberg. Exports increased 5.1% over the same period.

“The increase in production in Russia can be seen as a strategic move to try to increase production as much power as before a freeze potential “, said Hong Sung Ki.

doubts about the success around an agreement they are to justify the fall in oil prices in international markets, thus extending the 4% decline recorded on Friday.

in New York, West Texas Intermediate (WTI) yields 1.22% to $ 36.34 per barrel. Back in London, the Brent, which is a reference to Portuguese imports, depreciates 0.85% to $ 38.33 per barrel.