Report: Russia, Saudi Arabia agree on oil output freeze

MOSCOW, Feb 16 (PRIME) -- Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar, Bloomberg reported on Tuesday.

Freezing output at January levels will be “adequate” and the nation still wants to meet the demand of its customers, Saudi Oil Minister Ali Al-Naimi said in Doha after talks with Russian Energy Minister Alexander Novak.

Venezuela has lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting between OPEC members and other suppliers in an attempt to reach an agreement to balance the market.

Saudi Arabia had earlier insisted it wouldn’t reduce production to tackle the global oil glut unless major producers outside OPEC co-operated.

Brent futures’ growth slowed down to less than 2% after the news from 6% earlier on Tuesday. April Brent futures traded at U.S. $33.84 per barrel at 12:13 p.m., Moscow time.

The Russian ruble fell 2 kopecks against the U.S. dollar to 76.97 at 12.16 p.m., Moscow time and decreased 13 kopecks against the euro to 85.93 rubles.

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