Members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members are still supporting a meeting which will be held at Doha in April, to agree on a deal to freeze output even without Iran participating, OPEC sources revealed.

Brent crude traded below $39 a barrel on Wednesday, up from a 12-year low of $27.10 attained in January.

Russia’s Energy Minister, Alexander Novak had said that after talks in Tehran a deal might be signed in April leaving out Iran, which has the right to increase production after years of sanctions.

“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. There are still talks about a possible meeting between main producers,” an OPEC source said.

An initial decision to freeze output at January levels, suggested in February by Saudi Arabia, Qatar, Venezuela and Russia, has so far assisted in supporting prices.

According to a delegate from OPEC, not having Iran in the deal was not the perfect conclusion but it was not the worst.

“If the others freeze and the Iranians are outside the agreement, it will not help the market unless the demand is very large. January output is already at high levels,” the delegate told Reuters.

It is still unclear which countries aside the initial four would attend. Kuwait and the United Arab Emirates have said they will also be a part of the deal, if other major producers did, but they are yet to be invited.

Anita Fatunji