Oil production at January levels will be frozen to control the surplus in global oil and steady oil prices that have declined to a third of their peak level between 2014 and 2015.
According to the Doha Agreement stipulation, oil production at January levels will be frozen to control the surplus in global oil and steady oil prices that have declined to a third of their peak level between 2014 and 2015. It is reported that another round of talks between the oil producing countries may be held in Russia in October.
Saudi, Qatari, Venezuelan, and Russian energy ministers agreed to strike a deal on freezing oil production at levels reached in January, 2016 in February, if other countries followed suit.
According to media reports, a number of oil producers expressed their interest in joining the potential deal including OPEC members Ecuador, Algeria, Nigeria, Kuwait and the United Arab Emirates and non-OPEC member Oman.
The world’s leading oil producer Saudi Arabia previously stated that it would agree to freeze its output if Iran joins the Doha deal.
It is also reported that the Russian and Saudi Arabian representatives reportedly agreed make its final decision on freezing output without Iran’s participation in the deal, partially backtracking on its original statements.
However, the Saudi defense minister said on Saturday that the country would freeze output on condition that other major oil producers including Iran follow suit.