Russia and Saudi Arabia agree to freeze oil output at current levels to keep prices stable

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Russia and Saudi Arabia agree to freeze oil output at current levels to keep prices stable

DOHA: Russia and Saudi Arabia agreed for joint efforts to freeze oil production to keep prices at current level.

Saudi oil minister Ali al-Naimi claimed that world’s largest oil producers have to keep output frozen at current levels to stabilize the market.

 

The meeting was held in Doha and OPEC members Qatar and Venezuela were also included in the deal.

 

The deal happened due to slump fall in oil prices since mid 2014 and also requires other big producers to agree to cap output.

 

Venezuelan oil minister will meet with officials of Iran and Iraq in Tehran on the subject.

 

Iran’s oil minister Bijan Zangeneh claimed that country has just started raising exports after lifting of economic sanctions and Iran would not cut its share of market.