Reports: Saudi, Qatar, Russia, Venezuela agree to freeze oil production
Saudi Arabia, Qatar, Russia and Venezuela on Tuesday agreed to freeze oil production at January levels if other oil-producing countries did the same, according to media reports.
It followed a meeting of energy ministers in Doha, Qatar.
"After the meeting four countries — Russia, Saudi Arabia, Qatar and Venezuela — are willing to freeze oil production at the level of January, if other manufacturers join the initiative," said Russian Energy Minister Alexander Novak, according to the TASS news agency.
Oil prices pared earlier gains after reports of the agreement emerged.
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