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Saudia Arabia Agrees to Freeze Oil Output; Other Countries Follow Suit
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Saudi Arabia has agreed to halt its oil output as the market continues to strain due to oversupply, according to multiple reports.
Other counties have also agreed to stall oil output, including:
- Russia
- Qatar
- Venezuela
The deal calls for production to be fixed at January 2016 levels in an effort to bring stability to the market.
Saudi Oil Minister Ali Al-Naimi noted that this deal is just "beginning of a process to stabilize and improve the market."
This announcement represents rare cooperation between OPEC and a non-OPEC country. In December 2015, OPEC and Saudi Arabia failed to come to a consensus on a lowering the production ceiling to combat low oil prices.
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