Oil exporting countries reach historic deal
P
ump jacks at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, Jan. 25, 2016.
(REUTERS/Sergei Karpukhin)
(VOVworld)- Venezuela, Saudi Arabia, Russia, and Qatar have agreed to freeze oil production and seek to stabilize slumping prices, a Venezuelan government official said on Tuesday. Venezuelan Oil and Mining Minister Eulogio Del Pino wrote on Twitter after a meeting in Doha, Qatar that the four countries -- three OPEC members and non-member Russia -- have agreed to freeze oil production at the level of January 2016 and sought to reach an agreement with other important producers, including Iran and Iraq, to follow suit. The participating oil ministers have also decided to create a monitoring committee "to follow up on the results of these actions," said a press release by PDVSA, the Venezuelan national oil company.