Saudis, Russia Agree to Freeze Oil Output; Iran Still Resists

February 16, 2016 8:38 PM

5 0

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: Belgian internal feud blocks EU-Canada trade deal Add to ..

Read more

To category page