Four Oil Producers Agree in Doha to Freeze Production at January Levels

Doha, February 16 (QNA) - Qatar has agreed with Saudi Arabia, Russia and Venezuela to freeze oil output production at January levels provided that other producing countries from OPEC and out of it do the same. The announcement was made at a joint press conference for HE Minister of Energy and Industry and OPEC President Dr. Mohamed bin Saleh Al Sada, Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi, Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino. "This step is meant to stabilize the market," HE Dr. Al Sada said, describing the meeting in Doha as "successful." He added that the meeting reviewed the current situation of the oil market and the short- and long-term supply and demand. He said the trend of falling oil prices can't continue, highlighting the drop in oil investments while the demand for oil increases. HE Dr. Al Sada said talks will start with OPEC members and non-member oil producing countries and also with Iran and Iraq in order to maintain market stability and achieve benefit for oil producing countries as well as global economy. Al Sada added that he will lead talks in his capacity as Qatari minister of energy and industry and OPEC president with support from the three ministers in order to reach an agreement with member states. If these countries, including Iran and Iraq, agree to the proposal, it will be implemented, he said. In turn, Al-Naimi said the freeze is "the beginning of a process," adding that the situation will be monitored in the next few months to "decide whether we need other steps to stabilize and approve the market." "We don't want significant gyrations in prices. We don't want a reduction in supply. We want to meet demand and we want a stable oil price," he added. For his part, the Venezuelan minister said he will meet his Iraqi and Iranian counterparts to discuss the production freeze proposal. (QNA)