07:00 GMT26 February 2021
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    Oil in Turmoil

    Russia, Saudi Arabia, Qatar, and Venezuela held talks on the current oil market situation in the Qatari capital of Doha on February 16 and agreed to proceed with the output freezing initiative if other countries followed suit. The proposal was later backed by Ecuador, Algeria, Nigeria and Oman.

    Despite a brief rally immediately following the decision, oil prices have so far remained largely unaffected.

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