Saudi Arabia, Russia to Freeze Oil Output Near Record Levels
- Qatar, Venezuela also agreed to freeze, asked others to follow
- Saudis will consider 'other steps' to improve market: Naimi
Russia, Saudi Arabia Freeze Oil Production: What’s Next?
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Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies.
While the deal is preliminary and doesn’t include Iran, it’s the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it’s open to further action. Oil pared gains after the accord was announced, signaling traders see no immediate end to the global supply glut.