For everyone else, April 17th would come and go as any other day but the same cannot be applied to the oil industry which has been on a downward spiral since June 2014 when the oil price started bull nozing from an average of $90 – $120/barrel to less than $30/barrel on February 3rd 2016 leading to pay cuts, job losses, bankruptcy, and untold hardship for countries whose economy are solely or majorly dependent on oil export.
On April the 17th 2016, the OPEC and non OPEC producers have scheduled to meet in Qatar to discuss issues which would help stabilize the market for all players;
Thorning issues likely to be discussed includes;
- Oil output freeze
- Production cut
- Market stability and outlook
Crude prices have risen more than 30% since the freeze was proposed, Outages from Iraq and Nigeria have disrupted more than 800,000 barrels a day of supply and tightened the Brent market, falling drilling activity in the U.S. shale industry has seen analysts raise forecasts for declines in North American production.
Keep a date with us for the full outcome of the almighty April 17th , 2016 special gathering.