Iran absent as oil producers meet in Qatar to discuss cap

Oil-producing countries meet in Qatar to discuss a possible freeze of production to counter low global prices, although Iran decides to skip the summit.

At least 15 oil-producing nations — representing about 73 percent of world output — are expected at the Doha meeting, according to Qatar’s energy and industry minister, Mohammed bin Saleh al-Sada, has said.

The gathering follows a surprise Doha meeting in February between Qatar, Russia, Saudi Arabia and Venezuela, in which they pledge to cap their crude output at January levels if other producers do the same.

The countries hope the cap will help global oil prices rebound from their dramatic fall since the summer of 2014, when prices were above $100 a barrel, though no one is talking seriously about the more dramatic step of cutting production.

Prices dropped briefly to under $30 a barrel, a 12-year low, in January, but have climbed to the mid-$40s this week.

— AP