DHAKA: The world’s leading oil exporters could be finally about to take action following the fall in prices.

Members of the exporters’ group Opec, together with some other oil producers, are meeting in Qatar on Sunday to discuss freezing output, reports the BBC.

They want to push up the price of crude oil, which is less than half what it was in June 2014

In previous episodes of falling prices, Opec has been much quicker to respond, often cutting output.

The agenda for the meeting in Doha, the capital of Qatar, is a freeze in production. No cuts in other words, just a commitment to no more increases.

But even that possibility has given some support in recent weeks to the price of oil. The low it reached earlier this year was about $27 a barrel for Brent crude oil, one of the leading international market prices.

This week it has been very close to $45. That is to a large extent due to traders considering the possibility that some oil producers are close to taking some sort of action to push prices higher.

It's worth emphasizing that even at current levels the price of oil is far below where it was as recently as June 2014 - when it reached $115.

The fall has hurt many oil producing countries. Earlier this week, the International Monetary Fund said it had damaged financial stability and the government finances in many of them.

BDST: 2104 HRS, APR 16, 2016
RR