Emirati oil minister to attend April oil production meeting

DUBAI, United Arab Emirates, March 24 (UPI) -- The energy minister from the United Arab Emirates said Thursday his country would participate in an April meeting in Doha to consider oil production levels.

Russia and members of the Organization of Petroleum Exporting Countries proposed a meeting in Doha to consider freezing oil production at January levels in an effort to stabilize the market for crude oil. Oil prices rallied last week after Qatari Oil Minister Mohammed al-Sada extended an invitation to Kuwait's oil minister.

Slumping crude oil prices, which on Thursday dipped back below $40 per barrel after a short-term rally, have left energy companies and oil-exporting economies with less available cash. Earlier this week, Emirati oil rig construction company Lamprell said it was holding up well against the market downturn, but expects full-year 2016 revenue to show a decline.

For the Emirati economy itself, Christine Lagarde, the managing director of the International Monetary Fund, said in late February the government deserves credit for taking some steps to address the consequences of lower oil prices.

"At the same time, I highlighted the importance of pursuing gradual fiscal consolidation by raising non-oil revenues," she said.

An oil market official with the International Energy Agency raised doubts about the prospects for production meeting in April. The monthly oil market report, released March 11 by the IEA, said a freeze on production will not have an immediate impact on the global oil market.