05:45 GMT +318 October 2019
Listen Live
    Oil pump jack

    Russia to Hold Consultations With Saudi Arabia on Oil Production Freeze

    CC BY 2.0 / Justin Vidamo / The Burning of the Sky
    Get short URL
    Oil in Turmoil (134)
    0 44

    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.

    Oil in Turmoil (134)


    Oil Prices of $40-$60 Sufficient for Normal Work of Russian Crude Industry
    Gazprom: Failure to Reach Oil Output Freeze Deal Sign of 'Selfishness'
    Oil Prices Fall Amid Producers' Failure to Reach Deal to Freeze Output
    Oil, Russian Energy Ministry, Kirill Molodtsov, Russia, Saudi Arabia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik