Economic security

Russia and Saudi Arabia agree to freeze oil production output

The world’s two biggest crude producers say they won't increase oil output. Along with Russia and Saudi Arabia, Qatar and Venezuela have agreed to freeze production at January levels, according to Russia's Energy Ministry.

"A deal will be reached if other producers join the initiative," said Russian Energy Minister Aleksandr Novak after the meeting with his Saudi counterpart.

Saudi Oil Minister Ali Al-Naimi said freezing output at January levels would be “adequate” however the country still wants to meet the demand of its customers.

Saudi Arabia has insisted it won’t cut production unless major producers outside the cartel cooperate. Russian Energy Minister Aleksandr Novak has said cooperation is possible if other producers joined in.