World’s Top Oil Producers Meet in Russia to Discuss Oil Output Freeze

Russia will host a meeting on March 20 between OPEC and non-members to renew talks on capping global crude output, Bloomberg reports.

On February 16th, the oil ministers of Saudi Arabia, Qatar, Venezuela, OPEC and Russian Energy Minister Alexander Novak met in Doha, Qatar, and discussed how to improve the situation with oil prices on the global market. The parties expressed readiness to maintain the average oil production level in 2016 at the level of January this year, if other oil-producing countries join this initiative.

On Tuesday, Russia’s Energy Minister Alexander Novak said that the decision to stabilize oil production was publicly supported by fifteen nations producing 73% of oil across the globe.

Iran and Iraq have welcomed steps to stabilize oil markets, but haven’t joined the deal.

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