February 2016, Vol. 243, No. 2

Web Exclusive

Russia, Saudis Tentatively Offer to Freeze Oil Output Levels

DUBAI, United Arab Emirates (AP) — Russia’s energy minister said Tuesday that his country has agreed with OPEC members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak announcing the decision following an unexpected, closed-door meeting involving the four countries in the Qatari capital, Doha. The meeting reflects growing concern among major oil producers about the effects a prolonged slump in crude prices will have on their domestic economies. Novak said the countries are willing to freeze output levels at January levels “if other oil producers join the initiative.” G

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