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Russia, Saudi Arabia Agree to Maintain OPEC+ Oil Output Through February, Report Says

© AP Photo / Charlie RiedelIn this April 24, 2015 file photo, pumpjacks work in a field near Lovington, N.M. The United States may have reclaimed the title of the world's biggest oil producer sooner than expected
In this April 24, 2015 file photo, pumpjacks work in a field near Lovington, N.M. The United States may have reclaimed the title of the world's biggest oil producer sooner than expected - Sputnik International
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MOSCOW (Sputnik) - Russia and Saudi Arabia have agreed not to step up oil production in February, with the relevant OPEC+ deal expected to be finalized later on Tuesday, The Wall Street Journal reported, citing informed sources.

The sides reportedly agreed to put off any increase in the output until March.

In this Feb. 18, 2015 photo, storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela's Hugo Chavez oil belt, formally known as the Orinoco Belt - Sputnik International
Venezuela’s Crude Exports Reportedly Plummet Amid US Sanctions, OPEC+ Deal to Ramp Up Output

OPEC oil producers and Russia-led partners resumed talks earlier on Tuesday in a bid to agree output numbers for February. The video conference follows up on Monday's consultations that failed to reach a consensus.

Iranian Petroleum Minister Bijan Zangeneh said on Monday that OPEC+ was discussing two options, to increase oil production in February by 500,000 barrels per day or to maintain the January parameters. According to sources, Russia supported the first option, while Saudi Arabia the second one.

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