Executive Summary: Oil market outlook

April 2016

Global oil prices came under pressure after talks between OPEC and non-OPEC producers to freeze output faltered. The outcome of the meeting, held in Doha on 17 April, sets the scene for the OPEC meeting in June, where Saudi Arabia and Iran will come face-to-face at the negotiating table. The Saudis reject the notion of freezing output unless other OPEC members do the same.

However, prices pared losses following comments from Iran that it expects to reach its pre-sanctions production level by June – the same month as the OPEC meeting. Iran has said it will not freeze oil production unless it reaches this level.