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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. | 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, and representatives from Venezuela and Qatar in Doha on Tuesday where they agreed a freeze in the oil production at January levels. | |
| "Freezing now at the January level is adequate for the market," said Saudi Arabian Oil Minister, Ali al-Naimi. | |
| "We don't want significant gyrations in prices, we want to meet demand. We want a stable oil price." | |
| The agreement fell short of cutting production to shore up oil prices at a time when many oil producing nations are already pumping at full volume. | |
| The price of brent crude surged 6 per cent on Tuesday to trade at $35.22 a barrel in anticipation of an agreement. | 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 from earlier gains after the announcement was made, reflecting disappointment that production would not be reduced. Many oil producers are already pumping at full capacity. | |
| 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 | 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. | 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. | Venezuela had lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting with OPEC to try and reach an agreement. |