On April 17, Doha (Qatar) hosted a meeting of 16 oil-producing countries, which provide half the world's oil production. The freezing of oil production in order to stabilize the "black gold" prices were discussed at the meeting. However, the negotiations were unsuccessful.
It was initially planned to reach an agreement between the OPEC member countries.
But the Minister of Petroleum Resources of Nigeria Emmanuel Ibe Kachikvu said that the meeting ended without reaching an agreement on the suspension of oil production volumes. According to him, the meeting will be held again in June, but not only with the OPEC countries but also with other oil producers outside the organization.
So, a sharp drop in oil prices on the world market is expected due to the fact that the agreement was not reached at the meeting.