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Major Oil Producers Agree to Freeze Oil Output Level

Major Oil Producers Agree to Freeze Oil Output Level

Energy ministers of Russia and a number of OPEC countries have agreed to freeze the production of oil after the negotiations in Qatar’s capital Doha, Qatar’s Energy Minister Mohammad bin Saleh al-Sada said, RIA Novosti reported on February 16.

Oil output will be stabilized at the level of January11, Saudi Arabia’s oil minister Ali Al Naimi said. He noted that Saudi Arabia also agreed with this decision.

In January, OPEC made a statement about the likely creation of an alliance with Russia and a number of other oil-producing countries in order to reduce production and stop the fall in oil prices.

In late January, Russian Energy Minister Alexander Novak said that the meeting of OPEC and other oil-producing countries tentatively was scheduled for February, but there is no final agreement. Meanwhile, he confirmed his readiness to personally participate in the meeting.

In early February the media reported that the Venezuelan oil minister negotiates with OPEC countries, as well as Russia to hold a meeting to discuss an agreement on maintaining the same level of oil supply volumes in the market.