Freeze on World Oil Output

World’s top oil producers Saudi Arabia and Russia agreed to freeze crude output at January levels after a meeting on Tuesday in Qatar, alongside OPEC producers Venezuela and Qatar, Kallanish Energy learns. Saudi Arabia’s oil minister Ali Al-Naimi said the production cut agreement would be “adequate,” while Russia’s oil minister Alexandre Novak highlighted the deal is conditional to other nation’s participation such as Iran and Iraq. We don t want significant gyrations in prices, we don t want reduction in supply, we want to meet demand, and we want a stable oil price. We have to take a step at a time, Al-Naimi told reporters. Qatar energy minister and OPEC president Mohammad bin Saleh al-Sada said in a press briefing that low oil prices haven’t been positive for the world, and his country will lead the monitoring of the production freeze agreement. Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, told Bloomberg “this is an announcement of a
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