Saudi Arabia, Russia And Two Others Agree To Oil Production Freeze

By Karen FriarMarketWatch Pulse

Saudi Arabia, Russia, Venezuela and Qatar have agreed to freeze their crude oil production at January levels, but only if other major oil nations follow suit, media reports said Tuesday. Energy ministers from the four countries reached the deal during talks on how to stabilize the volatile oil market, held in Doha, Qatar on Tuesday. Unlike the other nations involved, Russia is not a member of the Organization of the Petroleum Exporting Countries. Details of the agreement will be shared with other members of OPEC, reports said.

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