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.
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