Russia and the OPEC agrees to freeze oil production

February 16, 2016 17:20
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Sputnik agency reported Russian news agency that Russia and some of the Member States of the OPEC agreed to freeze production of oil k following the quartet meeting of the Ministers of Petroleum Saudi Arabia, Russia, Venezuela and Qatar, in Doha.
According to the agency "Bloomberg" reported on Tuesday February 16, citing the Qatari Ministry of Energy that the negotiations ended successfully, said Qatari Minister of Energy that the parties agreed to freeze production levels at the level that was in January 11, but added that "the agreement is conditional with the participation of the rest of the top oil producers. "
For his part, Russian Energy Minister Alexander Novak said after the meeting that Russia, Saudi Arabia, Venezuela, Qatar is willing to freeze oil production levels at the month of January, but only if the participation of the rest of the producers.
It was Novak had arrived earlier in the Qatari capital on Tuesday to meet with Saudi Oil Minister Ali al-Naimi and Venezuelan Aaolockheo del Pino and Qatari Mohammed Bin Saleh Al-Sada, to discuss the situation in the oil market.
The importance of this meeting in bringing together major oil producers in the world, both members of the Organization of Petroleum Exporting Countries "OPEC", or countries outside the organization, such as Russia.
The meeting came under the turbulent situation in global oil markets, after the supply surplus has led to a significant decline in prices since mid-2014, the countries producing foie enormous losses in revenues.