OPEC President to Discuss Oil Production 'Freeze' With Iran, Iraq - Reports

© Flickr / alex.ch OPEC headquarters in Vienna
OPEC headquarters in Vienna - Sputnik International
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OPEC President Mohammed Bin Saleh Sada, who is also the energy minister of Qatar, is expected to discuss the proposed oil output freeze with the Iranian and Iraqi ministers, media reported Wednesday.

An Iranian oil worker walks in Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014 - Sputnik International
Why Iran, Iraq Likely to Oppose OPEC-Russia Deal on Freezing Oil Output
MOSCOW (Sputnik) — On Tuesday, the energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha. According to the Russian Energy Ministry, the four countries agreed to keep their average monthly oil output throughout 2016 at January levels if other countries followed suit.

The Wall Street Journal reported, citing sources familiar with the matter, that Sada was expected to persuade Baghdad and Tehran to join the Tuesday agreement.

The global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting the lowest levels since 2003, mostly because of prolonged global oversupply and weak demand.

In response to the decline in prices, major oil producers, including both the OPEC member states and non-OPEC countries, discussed reaching an agreement to cap oil production to stimulate price increases.

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