UPDATE 3: Russia, Saudi Arabia, Qatar, Venezuela can freeze oil output

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MOSCOW, Feb 16 (PRIME) -- Russia, Saudi Arabia, Qatar and Venezuela are ready to keep oil output at January levels on average in 2016, if other producers join the initiative, the Russian Energy Ministry said after negotiations in Doha on Tuesday.

“As a result of the meeting, four countries, Russia, Saudi Arabia, Qatar and Venezuela are ready to freeze oil output at the level of January if other producers join the initiative,” Energy Minister Alexander Novak said, as cited by the spokesman.

An official of the Economic Development Ministry said that it is too early to forecast long-term repercussions of this decision for oil prices and the exchange rate of the Russian ruble. “Too many factors affect the situation,” he said.

The ruble fell 42 kopecks against the U.S. dollar to 77.37 on Tuesday at 1:04 p.m., Moscow time. The ruble declined 70 kopecks against the euro to 86.50.

Officials of Venezuela, Iran and Iraq will meet to discuss oil issues in Tehran on Wednesday, Director for International Relations of Iran’s NIOC Mohsen Ghamsari said.

Russia’s permanent representative to international organizations in Vienna Vladimir Voronkov said that the negotiations on production freeze or cut initiated either by Russia, or Venezuela do not include the entire OPEC. Discussion with OPEC is possible at the next ministerial meeting in early June, he said.

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