After weeks of negotiations, Saudi Arabia and Russia have reached an agreement on oil extraction quotas ahead of the OPEC meeting in Doha on April 17. The Saudi government has announced that it will not coordinate with Iran, however, the latter country having expressed a willingness to join the oil output freeze in order to bring crude extraction back to pre-sanction levels. On the table is a request for all OPEC countries to freeze production to January 2016 levels. Non-OPEC nations are also expected to participate in the freeze.
Global crude production to date has often been subject to unofficial caps, whether imposed by production freezes or trouble at extraction sites. Now the cap may finally become official.
The meeting was attended by Russian Minister of Energy Alexander Novak and Saudi Arabia’s Minister of Petroleum and Mineral Resources, Ali al-Naimi. They confirmed that the talks had taken place to the Russian news agency Tass.