Oil prices returned to their bearish demeanour as the week closed after Saudi Arabia said that it would hold production at current levels but it would not consider a cut in levels. Russia and some of the biggest OPEC oil-producers are attempting to negotiate a deal to freeze output at January levels, hoping the action will eventually cause oil prices to rise.

Last week Russia, Saudi Arabia, Qatar, and Venezuela held talks on the current oil market situation in the Qatari capital of Doha and agreed to proceed with the output freezing initiative if other countries followed suit. The proposalwas later backed by Ecuador, Algeria, Nigeria and Oman. The world economic growth is another element to affect the oil market. IHS believes the world economy could have “another substandard year” this year.

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