Saudi Arabia and Russia Agree to Oil Output Freeze, but Only if Others Do the Same

 

Oil ministers from Saudi Arabia, Russia, Venezuela and Qatar have reached an agreement to freeze their country’s output of crude.

But there is a big condition – they will freeze only if other major producers do the same.

Talks will now take place with Iran and Iraq who have been reluctant to pump less.

There was encouraging word from Baghdad. An Iraqi oil ministry source told news agency Reuters that Iraq is ready to commit to freezing its oil output at January levels if a deal is reached among OPEC and non-OPEC countries. 

Click here for summary.

Source: Euronews