Saudis and Russia agree to oil output freeze, Iran still an obstacle

February 16, 2016 1:37 PM

9 0

Saudis and Russia agree to oil output freeze, Iran still an obstacle

DOHA Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in - a major sticking point with Iran absent from the talks and determined to raise production.

The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha. It could become the first joint OPEC and non-OPEC deal in 15 years, aimed at tackling a growing oversupply of crude and helping prices recover from their lowest in over a de...

Also read: CITIC aims to cut costs at Sino Iron project, ramp up output

Read more

To category page

Loading...