(From Reuters)

Iran will not attend a meeting between OPEC and non-OPEC member countries about freezing oil output levels in Qatar on Sunday, two sources familiar with the situation told Reuters.

Producers are struggling with low oil prices and an oversupplied market but have been loath to cede market share by cutting output.

Instead, OPEC members Saudi Arabia, Qatar and Venezuela reached a preliminary agreement with Russia in February to freeze production at January levels.

They will seek backing for that deal from other producers at Sunday’s meeting in Doha, Qatar.

Iran’s oil minister had not been scheduled to attend, but Tehran was due to send Iran OPEC Governor Hossein ‎Kazempour Ardebilli, oil ministry news agency Shana reported on Friday. Read more

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