MOSCOW (Sputnik) — On Tuesday, the energy ministers of Russia, Saudi Arabia, Venezuela and Qatar met in Doha. According to the Russian Energy Ministry, the four countries agreed to keep their average monthly oil output throughout 2016 at January levels if other countries followed suit.
The Wall Street Journal reported, citing sources familiar with the matter, that Sada was expected to persuade Baghdad and Tehran to join the Tuesday agreement.
The global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting the lowest levels since 2003, mostly because of prolonged global oversupply and weak demand.
In response to the decline in prices, major oil producers, including both the OPEC member states and non-OPEC countries, discussed reaching an agreement to cap oil production to stimulate price increases.
