OPEC Emergency Meeting In April to hold in Saudi Arabia

An emergency meeting for oil producers has been slated to hold in the Qatari capital, Doha, in April.

Some 15 oil-producing nations representing about 73 percent of world output have agreed to take part, according to a statement from Qatar, which is the head of Organisation of Petroleum Exporting Countries (OPEC). "The continuous efforts of the Qatari government have been instrumental in promoting dialogue among all oil producers to support the Doha initiative, helping the stabilization of (the) oil market to the interest of all," al-Sada said in the statement.

"Since Russia and other countries agree on having an emergency meeting for oil producers in Doha on April 17, Saudi Arabia fully supports this initiative.'

Crude futures prices rose by $2.12/barrel, almost 6%. The Fed's decision to pass on another rise in rates provided another push higher.Since its low, the OPEC Reference Price has rebounded by 50%. The gain has been relatively steady since the freeze announcement in mid-February.