REUTERS
Oil producers including Gulf OPEC members said a meeting of producers led by Saudi Arabia and Russia to discuss an output freeze will take place on April 17, even without Iran that has said that it would only participate once its production hits 4 million bpd from a current 3 million bpd, according to Reuters.
"It's a setback but it will not necessarily change the positive atmosphere that has already started," said one OPEC source from a major producer, referring to Iran saying it will not join any freeze accord, Reuters wrote.
A preliminary deal to freeze output at January levels, reached last month by Saudi Arabia, Qatar and Venezuela plus non-OPEC member Russia, has helped to support prices.
A second delegate from the Organization of the Petroleum Exporting Countries said not having Iran in the pact was not the perfect outcome but it was not the worst.
Read alsoOil prices fall as oversupply lingers, economic slowdown looms"If the others freeze and the Iranians are outside the agreement, it will not help the market unless the demand is very large," this delegate said. "January output is already at high levels."
On Monday, Russian Energy Minister Alexander Novak said after talks in Tehran that a deal could be signed in April and exclude Iran, which has the right to boost output after years of sanctions.
It was not clear which countries besides the original four would attend. Kuwait and the United Arab Emirates have both said they would also commit to the freeze if other major producers did, but they have not received an invitation yet.
Read alsoIran calls proposed Saudi-Russian oil-output freeze 'ridiculous'The willingness of Iraq, the biggest source of OPEC supply growth in 2015, to join the deal is also important. Baghdad on Monday said the freeze initiative was acceptable, citing the hardship for producers caused by low prices.