Update: Oil producers gather in Doha to discuss output freeze

The world's key oil producing countries except Iran have gathered here on Sunday in a meeting to discuss a possible crude production freeze in a bid to shore up the floundering global oil markets and the sluggish prices.

Altogether 23 countries, both within and outside the Organization of the Petroleum Exporting Countries (OPEC) have sent their delegates to the Qatari capital for the "Oil-Producing Countries Ministerial Meeting."

While key participants, including Russia, Saudi Arabia and the host Qatar, have not revealed much about what they are going to discuss, a source familiar with the meeting told Xinhua on condition of anonymity that "the meeting will mainly discuss the proposal of freezing output at January levels in accordance with a February agreement, but other proposals might be discussed."

Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal on Feb. 16 to freeze, but not cut, oil output at the levels reported in January. However the agreement was conditional to other major producers joining it.

Sunday's meeting comes after oil prices fell more than 60 percent since June 2014 to as low as 27 U.S. dollars per barrel in January due to the widening glut in the supply.

The speculation that the participants, representing more than 73 percent of global production, could reach a crucial agreement boosted the prices to more than 40 dollars per barrel, the highest level so far this year, despite little change to the market's supply glut.

However, Iran, a key oil producer, said it would not attend the Doha oil meeting, dimming the hope that the gathering could roll out any substantial deal to help oil price rebound.

Iranian oil minister Bijan Zanganeh said on Sunday that his country would send no delegation to Doha.

"The Doha meeting is for people who want to participate in the production freeze plan... but since Iran isn't expected to sign up to the plan, the presence of an Iranian representative isn't necessary," Zanganeh was quoted as saying by the Shana news agency.

Iran has been trying to raise its oil production to the levels before Western powers slapped economic sanctions on the Islamic Republic over its nuclear program.

"Iran will in no way give up its historic production quota," Zanganeh said.

Ealier, OPEC said Iran's March oil production was 3.3 million barrels per day, up from Janurary's 2.9 million. The country's pre-sanction level was around four million.

Last month, the OPEC members exported to the world's market some 32.25 million barrels per day.

The cartel's largest oil pumper, Saudi Arabia, who accounts for around one third of the OPEC output, kept its oil output level unchanged in March.

The production cut has been a key issue in keeping the balance of the oil market since the oil price collapsed, however, world's major oil producers fail to make a substantial agreement over the issue in the past.

Meanwhile, oil prices continued to drop ahead of the Doha meeting.

The West Texas Intermediate for May delivery moved down 1.14 dollars to settle at 40.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 74 cents to close at 43.1 dollars a barrel on the London ICE Futures Exchange. Endit