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Media: OPEC and Russia agree to freeze oil output at Jan levels

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/02/2016 (17:10)
According to media reports, Saudi Arabia, Venezuela, Qatar and Russia have agreed to freeze oil production at the levels current on January 11 at their meeting today in Doha, Qatar. As per the agreement, Qatar will monitor the output freeze.

Following the agreement, oil prices rebounded by around 2-2.5% with NYMEX crude oil prices moving above $30/barrel and Brent futures surpassing the $34/barrel threshold.

Data released by the International Energy Agency (IEA) showed that Saudi Arabia’s crude oil production was 10.2 million barrels of oil per day (bpd) in January while Russia’s oil output was reported at 10.9 million bpd in the same period.
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