Russia and OPEC reach conditional agreement to support oil prices
Representational file photo.
(IraqiNews.com) Russia and a number of OPEC members agreed to freeze oil production at its current level on the condition of the participation of the rest of the international oil producers in this initiative.
Russia Today news agency quoted the Russian Energy Minister, Alexander Novak, as saying: “The result of a meeting of the four countries, Russia, Saudi Arabia, Qatar, Venezuela, is to freeze oil production at the level of last January, on the condition of the participation of the biggest oil producers.”
This announcement comes after the four oil ministers of Saudi Arabia, Russia, Venezuela and Qatar had held a meeting in Doha, during which they discussed the situation in the oil market.