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    Russia to Hold Consultations With Saudi Arabia on Oil Production Freeze

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    Oil in Turmoil (133)
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    Oil-producing countries failed to reach an agreement on freezing production during their meeting in Doha on Sunday.

    MOSCOW (Sputnik) – Russia will hold consultations with Saudi Arabia on freezing the output of oil, Russian Deputy Energy Minister Kirill Molodtsov said Monday.

    “We will hold according consultations with our Saudi colleagues,” Molodtsov told RIA Novosti in regard to further discussions on freezing oil output.

    Oil prices have plunged more than 60 percent from their peak of $110 per barrel in June 2014 amid fears that global oil production is outpacing demand.

    In February, the energy ministers of Saudi Arabia, Qatar, Venezuela, and Russia discussed the current oil market situation in Doha and agreed to freeze oil production at January levels if other countries followed suit, in a bid to keep oil prices from falling further.

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    Oil in Turmoil (133)

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    Oil, Russian Energy Ministry, Kirill Molodtsov, Russia, Saudi Arabia
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