Search

Oil producers meet amid Saudi-Iran row over output freeze

Sarfraz Ali 04:13 PM | 17 Apr, 2016
Oil producers meet amid Saudi-Iran row over output freeze
DOHA (APP) - World oil producers gather in Qatar Sunday to negotiate an output freeze to boost prices as a row between regional heavyweights Saudi Arabia and Iran threatened to overshadow the talks.

Influential Saudi deputy crown prince Mohamed bin Salman reiterated in a new interview with Bloomberg published on Saturday that the kingdom will not freeze output unless the Islamic republic did so.

This is the second such warning by the prince in a week. Saudi Oil Minister Ali al-Naimi arrived in Doha Saturday for the meeting but declined to make any comment.

Iran, which is emerging from nuclear-related sanctions lifted in January, announced on Friday that Oil Minister Bijan Zanganeh would not join the Doha talks — which will instead be attended by Tehran’s OPEC representative.

In a statement carried by the Shana news agency, the Iranian ministry also noted that “Iran already announced it cannot join the plan to stabilise oil prices” while its output is still below pre-sanctions levels.

Kuwait oil expert Kamel al-Harami said a freeze agreement on Sunday is still possible even without Iran.

“Iran is unable to add more than 500,000 barrels per day (bpd) to its production by the end of the year,” Harami told AFP in Doha.

“I believe this will not greatly impact the meeting,” he said.

OPEC said on Wednesday that Iranian oil production in March was 3.3 million bpd, up from 2.9 million in January, but still short of its pre-embargo level of around 4.0 million.

OPEC said its members pumped 32.25 million bpd in March — with Saudi Arabia accounting for nearly a third — up from an average of 31.85 million bpd in 2015.

Host country Qatar said “an atmosphere of optimism” spread on the eve of the meeting, and Kuwait’s acting oil minister Anas al-Saleh told reporters on arrival in Doha that “he was optimistic” about the success of the conference.

Oil prices tumbled on Friday as traders bet that the meeting in Doha will yield no effective measures to curb the global oversupply.

Sunday’s meeting in the Qatari capital is expected to gather about 15 countries, mostly members of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and as well as some non-OPEC producers such as Russia.

The producers want to freeze production at January levels in order to curb oversupply until demand is expected to pick up in the third quarter of 2016.

“Expectations are just so low that OPEC and non-OPEC producers will do anything with significant details attached to it,” said Andy Lipow of Lipow Oil Associates.

On Thursday, the International Energy Agency warned against over-expectation for the Doha talks, saying that the meeting would have only a “limited” impact on supplies.

Sarfraz Ali
Sarfraz Ali

Sarfraz Ali is working as Editor Web for Daily Pakistan. He earned a postgraduate degree in Mass Communication from IUB and diploma in International Print Journalism from Thomson Foundation UK. He regularly writes on ...

Advertisement

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 4, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.9 283.2
Euro EUR 300.98 301.58
UK Pound Sterling GBP 337.01 337.71
U.A.E Dirham AED 75.14 75.44
Saudi Riyal SAR 73.55 73.85
Australian Dollar AUD 189 192
Bahrain Dinar BHD 712.72 720.69
Canadian Dollar CAD 200 202.2
China Yuan CNY 39.67 39.73
Danish Krone DKK 39.33 39.73
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 878 887
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.79 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.30

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,200 on Saturday. The price of 10 grams of 24k gold was recorded at Rs175,930.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 205,200 PKR 2,430
Karachi PKR 205,200 PKR 2,430
Islamabad PKR 205,200 PKR 2,430
Peshawar PKR 205,200 PKR 2,430
Quetta PKR 205,200 PKR 2,430
Sialkot PKR 205,200 PKR 2,430
Attock PKR 205,200 PKR 2,430
Gujranwala PKR 205,200 PKR 2,430
Jehlum PKR 205,200 PKR 2,430
Multan PKR 205,200 PKR 2,430
Bahawalpur PKR 205,200 PKR 2,430
Gujrat PKR 205,200 PKR 2,430
Nawabshah PKR 205,200 PKR 2,430
Chakwal PKR 205,200 PKR 2,430
Hyderabad PKR 205,200 PKR 2,430
Nowshehra PKR 205,200 PKR 2,430
Sargodha PKR 205,200 PKR 2,430
Faisalabad PKR 205,200 PKR 2,430
Mirpur PKR 205,200 PKR 2,430

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter