Arrow-right Camera
The Spokesman-Review Newspaper

The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
Cloudy 31° Cloudy
News >  Business

Oil freeze deal likely to be reached, Kuwaiti OPEC official says

Associated Press

KUWAIT CITY – Kuwait’s OPEC governor is saying members of the oil cartel and other producing countries likely will reach a deal later this month to freeze production as crude prices sit below $40 a barrel.

The state-run Kuwait News Agency quoted Nawal al-Fuzai on Tuesday as saying that oil ministers of OPEC nations and several non-OPEC nations showed interest in freezing production at the same rate of February, but that further negotiations are ongoing.

Al-Fuzai says Iran remains a holdout on freezing production levels as it tries to recoup money lost to years of sanctions after its nuclear deal with world powers.

Officials will meet April 17 in Qatar to negotiate a deal on the proposed freeze aimed at bolstering prices that have fallen from over $100 a barrel in 2014.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Active Person

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.