Top Oil Exporters Agree to Freeze Output Levels

Top Oil Exporters Agree to Freeze Output Levels

Russia and Saudi Arabia agreed Tuesday to freeze oil outputs, a deal contingent on other oil producing countries doing the same. “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 decade.” Saudi Oil Minister, Ali al-Naimi, said that this is the first step in a plan to stabilize and improve the market.

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