OPEC powers agree to oil output freeze
The meeting comes after more than 18 months of declining oil prices, knocking prices below $30 a barrel for the first time in over a decade
Top oil officials from Saudi Arabia, Russia and several key OPEC members agreed on Tuesday to freeze oil output productions after a meeting in Doha to tackle a devastating supply glut.
The talks in the Qatari capital Doha, which had been kept under wraps until recent days, involve powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak, sources said, two figures who must reach an accord for any coordinated global action to hold any hope of success.
They were joined by Venezuela’s Oil Minister Eulogio Del Pino, who has in recent weeks been visiting major oil producers to rally support for the idea of “freezing” production at current levels in an effort to halt a downward spiral in prices, sources have said.
Qatar, which holds the rotating presidency of OPEC (Organization of the Petroleum Exporting Countries) this year, was also present as it played an important role in coordinating consultations among members and suggestions for extraordinary meetings of the group.
The meeting came after more than 18 months of declining oil prices, knocking prices below $30 a barrel for the first time in over a decade. The slump has been longer and deeper than anyone predicted, and the mood may be shifting among producers which until now have been determined to defend market share rather then prices.
Saudi, Venezuela talk of OPEC, non-OPEC cooperation to stabilize oil marketVenezula's Oil Minister Eulogio Del Pino is on a tour of oil producers to lobby for action to prop up prices. Energy
Iraq will cooperate with any production-cutting decisions: Oil ministerIraq’s oil minister said his country was ready to accept a decision by OPEC and non-OPEC members to cut crude production Energy
Russia cautious on prospects for oil cut deal with OPECArkady Dvorkovich played down expectations that Russia could coordinate with OPEC to arrest the fall in oil prices by reducing production Energy
Oil stays below $40 after OPEC decides against output cutAt a meeting in Vienna OPEC decided against cutting its oil output to lift prices Energy
Saudi Arabia: ready to cooperate for oil stabilitySaudi Arabia is ready to cooperate with OPEC and non-OPEC countries to attain market stability Energy