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Oil producers seek to shore up crude rally with mid-April summit to discuss output freeze

The participation of Iran in the meeting, the only OPEC member poised to increase supply significantly, is seen as critical for the deal to re-balance the market, but the meeting may go ahead without the Persian Gulf nation.

Oil producers from OPEC and out of doors the group are finalizing an agenda to discuss freezing output in a meeting in Qatar in mid-April, the latest move in an offer by financially stricken crude exporters to shift the dynamics of the over-supplied market.

Qatar’s oil minister said that countries would meet in the nation’s capital Doha on April 17, without providing information on who would attend. The participation of Iran, the only OPEC member poised to increase supply significantly, is seen as crucial for the offer to re-balance the market, however the meeting might have to go ahead with no Persian Gulf nation, according to two delegates who asked to not be identified since the talks are private.

Prices have rallied a lot more than 30 per cent since a mid-February proposal by Saudi Arabia, Russia, Venezuela and Qatar to cap oil output and lower a worldwide surplus that had seen prices slump to 12-year low in January. The summit in April would seek commitments from the wider range of producers both within and out of doors the Organization of Petroleum Exporting Countries.

Kuwait was the very first other OPEC member to confirm it might attend, according to an e-mailed statement from the oil minister. Saudi Oil Minister Ali al-Naimi and the Russian counterpart Alexander Novak, who represent the world’s largest exporters, will talk about the meeting on Wednesday by telephone, one person said. Delegates from four OPEC members said they hadn’t yet received an invite.

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