Saudi Arabia has struck a landmark deal with Russia to freeze oil output, in the first co-ordinated move to try to reduce a near record supply glut and halt the collapse in prices.
After watching oil prices fall 70 per cent since mid-2014, Ali al-Naimi, Saudi Arabia’s powerful oil minister, said an output freeze by some of the world’s leading producers should start to stabilise the market.
Yesterday’s deal, which requires other big producers to agree to cap output, was reached at a closed-door meeting in Doha with Opec members Qatar and Venezuela also in attendance.
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