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| Saudi Arabia and Russia 'agree to freeze oil production' in Qatar talks | |
| (35 minutes later) | |
| Saudi Arabia and Russia have agreed to freeze oil output in a meeting in Qatar. | |
| Ali al-Naimi, the Saudi Arabian oil minister met with Alexander Novakin Doha, his Russian counterpart, in Qatar on Tuesday to discuss a freeze in the oil price to stop the oil price falling further. | |
| "Freezing now at the January level is adequate for the market," Saudi Arabia's Ali al-Naimi said. | |
| ”We don't want significant gyrations in prices, we want to meet demand. We want a stable oil price." | |
| The price of brent crude surged 6 per cent on Tuesday to trade at $35.22 a barrel in anticipation of an agreement. | |
| It slipped back after one was announced, reflecting disappointment that an outright cut in production was not on the table. | |
| Oil has lost more than 70 per cent of its value in 18 months, wreaking havoc on the oil-dependent economies such as Saudi Arabia, which has been forced to make sweeping welfare cuts | |
| The kingdom insisted it wouldn’t curb production unless other producers in the Organization of Petroleum Exporting Countries agreed to co-operate. | |
| Venezuela had lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting with OPEC to try and reach an agreement. |