Saudi Arabia Agrees to Freeze Oil Production

The world’s two biggest crude producers have agreed not to increase oil output, according to Qatar’s energy minister, quoted by Bloomberg. OPEC members, such as Venezuela and Nigeria, have been calling for an emergency meeting of the cartel to discuss crude prices that have fallen over 70 percent since 2014.

After meeting with Russian Energy Minister Aleksandr Novak, Saudi Oil Minister Ali Al-Naimi said freezing output at January levels would be “adequate” however the country still wants to meet the demand of its customers.

Earlier, Saudi Arabia had insisted that it wouldn’t cut production unless major producers outside the cartel cooperate. Russian Energy Minister Aleksandr Novak said that such cooperation is possible if other producers joined in.

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