Saudi, Russia, Qatar, Venezuela agree oil output freeze
Top global producers Saudi Arabia and Russia agreed Tuesday to freeze oil output in a bid to shore up prices after a 70 per cent drop due to chronic oversupply. Saudi Oil Minister Ali al-Naimi said the move — which is conditional on other major producers joining in — was designed to stabilise the market following the dramatic price fall since mid-2014.Further talks involving Iran and Iraq are due in Tehran on Wednesday. “We don’t want significant gyrations in prices. We don’t want a reduction in supply. We want to meet demand and we want a stable oil price,” Mr. Naimi said.