Saudi Arabia's Oil Minister Ali al-Naimi attends a news conference with Morocco's Energy Minister Abdelkader Amara in Rabat, April 7, 2016. REUTERS/Stringer
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Major oil producers meet this weekend to try to negotiate an output freeze to drain crude oversupply and boost prices, but doubts remain over whether Iran will join any accord.After hitting 13-year lows of around $27 a barrel in February, oil prices have since rebounded to above $40 .OPEC said Wednesday that Iranian oil production in March was 3.3 million bpd, up from 2.9 million in January, but still short of its pre-embargo level of around 4.0 million.Oil brokers PVM however said in a comment this week that during the first quarter of this year, daily supply exceeded demand by 2.3 million barrels."Whatever the outcome of this meeting, the price of oil will not rebound soon with a level sufficient to balance public finances of the majority of producers," said SAXO Bank analyst Christopher Dembik.He warned oil prices could drop back to $30-33 a barrel if producers fail to strike a deal.
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