Russia and Saudi Arabia, the world’s two largest crude producers, agreed to freeze output and fix production at January levels after talks held in Doha, Qatar.
The deal will be “adequate” and Saudi Arabia still wants to meet the demand of its customers, Oil Minister Ali Al-Naimi said in Doha after the talks with Russian Energy Minster Alexander Novak adding that Qatar and Venezuela also agreed to participate.
According to information, Qatar will coordinate the actions for freezing the output.
Both Russia and Venezuela have been trying to reduce output but there were no signs that OPEC countries and particularly Saudi Arabia would accept it.
Indeed, most analysts were surprised by the decision, since they did not expect a specific agreement to be reached at today’s meeting.