Ali al-Naimi, the Saudi oil minister. (Creator) Photo: Ronald Zak / AP
Oil deal on Tuesday means that production on average in 2016 to be frozen at the same level as it was the January 11. It said Russian Energy Minister Alexander Novak after the ministerial meeting in Doha in Qatar, reports Interfax, according to Reuters.
The countries behind the deal, Qatar, Russia, Saudi Arabia and Venezuela. The deal is subject to other producing countries join.
Saudi Arabia’s oil minister Ali al-Naimi said the meeting was successful. He said they have seen a reduction in production due to the current prices. Oil ministers hope that producers within and outside OPEC will connect to the settlement. Saudi Arabia can simultaneously “without any problems” cope with oil prices at current levels.
Saudi Arabia comes within in the coming months to take the next step to stabilize the market. Venezuela’s oil minister said on Wednesday he was at a meeting in Tehran will meet with representatives of Iran and Iraq. Qatar’s Energy Minister said that by these measures hopes that they can stabilize the markets.
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