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Putin: Russian oil firms agree to freeze output

by ChemOrbis Editorial Team - content@chemorbis.com
  • 03/03/2016 (11:08)
According to media reports, Russia’s President Vladimir Putin reported that the Russian oil firms have agreed to freeze output in line with the terms of a preliminary deal between Russia, Saudi Arabia, Qatar and Venezuela signed in February. On February 16, Saudi Arabia, Venezuela, Qatar and Russia had agreed to freeze oil production at January levels to stabilize the oil market.

Data released by Russia’s Energy Ministry showed that oil production remained stable in February at January’s levels, which can be construed as a signal that the country will stick to its commitment to freeze output. Russian oil firms pumped around of 10.88 million barrels per day (bpd) in February, the highest level seen in the last thirty years.
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