Russia and Saudi Arabia on Tuesday agree to freeze the oil production at the level of January if other oil producers join

Market news

16 February 2016

Russia and Saudi Arabia on Tuesday agree to freeze the oil production at the level of January if other oil producers join

Russia and Saudi Arabia on Tuesday agreed to freeze the oil production at the level of January if other oil producers join. Energy ministers from Saudi Arabia, Russia, Qatar and Venezuela met in Doha today to discuss the situation in the oil market.

The Saudi Arabian oil minister Ali al-Naimi noted that freezing oil production at January levels was an adequate measure, adding that new measures of stabilisation could be considered in the next few months.

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