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Tuesday 16 Feb 2016 - 19:42 Makkah mean time-7-5-1437
(Image from EPA)
Moscow, (IINA) - Russian Energy Minister Alexander Novak said on Tuesday that Saudi Arabia, Russia, Qatar, and Venezuela are ready to freeze oil production at January's level if other producers do the same, the Interfax News Agency reported.
The agreement came following a meeting in Doha, Qatari Energy Minister Mohammad bin Saleh Al-Sada was quoted as saying by broadcaster Al-Arabiya. Qatar and Venezuela would also be part of the agreement, which is meant to help prevent a further drop in oil prices.
Oil prices have gone below 30 dollars a barrel in recently, their lowest levels since 2003.
Stockpiles of oil are at an 86-year high globally, with the contents now worth three times less than the barrel holding them.
That fall in price has wreaked havoc on the budgets of many oil-producing countries, which rely greatly on oil revenue for their national spending and had, as recently as two years ago, been enjoying prices of more than 100 dollars.
AG/IINA
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