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Russia and Saudi Arabia agree to freeze oil production output

By rt.com

The world’s two biggest crude producers have agreed not to increase oil output, according to Qatar’s energy minister, quoted by Bloomberg. OPEC members, such as Venezuela and Nigeria, have been calling for an emergency meeting of the cartel to discuss crude prices that have fallen over 70 percent since 2014.

After meeting with Russian Energy Minister Aleksandr Novak, Saudi Oil Minister Ali Al-Naimi said freezing output at January levels would be “adequate” however the country still wants to meet the demand of its customers.

Saudi Arabia has insisted it won’t cut production unless major producers outside the cartel cooperate. Russian Energy Minister Aleksandr Novak has said cooperation is possible if other producers joined in.

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