Saudi, Russia, Qatar and Venezuela agree to freeze oil output at Jan levels

Qatar, Saudi Arabia, Russia and Venezuela have agreed to freeze oil output at January levels in a bid to tackle plummeting crude prices, it was revealed on Tuesday.

The decision was taken during a meeting between the oil producers in Doha.

Qatar’s energy minister Mohammad bin Saleh al-Sada said at a news conference that the move would help stabilise the market. Depressed oil prices haven’t been positive for the world, he wasquoted as saying. Qatar will lead the monitoring of the agreement, he added.

Meanwhile Saudi oil minister Ali Al-Naimi said the freeze was “adequate” for the market.

He described the meeting as “successful” and said he hoped producers across the world – both within and outside the Organisation of Petroleum Exporting Countries – would adopt the proposal.

Earlier, news of the meeting led oil prices to rise to their highest level in more than a week at over $34.7 per barrel.

According to the International Energy Agency, Saudi Arabia produced 10.2 million barrels a day in January. Meanwhile, Russian output stood at nearly 10.9 million bpd last month.