Business Oil Prices: Saudi Arabia and Russia Agrees To Freeze Crude Oil Output


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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.

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"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.

The price of brent crude surged 6 per cent on Tuesday to trade at $35.22 a barrel in anticipation of an agreement.

It will be recalled that lawmakers differed on the $38 per barrel benchmark projected by president Mohamamdu Buhari in the 2016 budget as the price of crude of oil, the mainstay of the Nigerian economy.
 
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