Oil: Russia and Saudi Arabia agree to freeze production

Oil: Russia and Saudi Arabia agree to freeze production

Editorial Staff
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Saudi Arabia and Russia have agreed, during a meeting in Doha, to freeze oil production at January levels

Saudi Arabia and Russia have agreed, during a meeting in Doha, to freeze oil production at January levels. This was announced by Qatar’s Oil Minister, Mohammed Saleh Al-Sada, who attended the meeting along with his Venezuelan colleague, Eulogio del Pino. The summit was also attended by Saudi Oil Minister Ali al Naimi, who met his Russian colleague, Alexander Novak. “In order to stabilize the oil markets” explains the Qatar Minister, “the four countries have agreed to freeze their production at January levels, as long as the other major producers do the same”. The four countries are those that were present at the meeting in Doha, namely Saudi Arabia and Russia (the two major global producers), Venezuela and Qatar.