Four countries oil ministers agree on oil price freeze



    Four countries oil ministers agree on oil price freeze

    Feb 16, Riyadh: Oil ministers from four countries, Saudi Arabia, Qatar and Venezuela, as well as Russia, agreed to freeze oil output at January levels, as long as others follow suit, media reports said.

    The agreement came after a meeting of the four in Doha.

    The move is designed to support the oil price, which has fallen sharply in the past 18 months.

    Hopes for such a move underpinned the oil price in recent days but oil fell back from earlier gains.

    Saudi Arabian Oil Minister, Ali al-Naimi said "Freezing now at the January level is adequate for the market.

    The Oslo Times

     
     

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