An agreement by producing countries to freeze crude production at the Doha meeting on Sunday would have a limited impact on oil flows, the International Energy Agency said Thursday. OPEC and non-OPEC countries -- including Russia and Saudi Arabia, the world’s two biggest crude producers -- will meet in Doha on April 17 in a bid to freeze production at January levels. A deal would represent the first attempt at coordinating oil production between the Organization of Petroleum Exporting Countries and producers outside the group in 15 years. “If there is to be a production freeze, rather than a cut, the impact on physical oil supplies will be limited,” the IEA said in its monthly report. Part of the reason is that Saudi Arabia and Russia are “already producing at or near record rates,” and “very little upside” is seen apart from Iran, which is aiming to recover lost market share after sanctions on its nuclear program were lifted in January. “Any deal struck will not materially impact the global supply-demand balance during the first half” of this year, the IEA said.
American Dollar to Canadian Dollar = 0.749930; American Dollar to Chinese Yuan = 0.149064; American Dollar to Euro = 1.131137; American Dollar to Japanese Yen = 0.008931; American Dollar to Mexican Peso = 0.053248.