Oil giants propose to freeze oil production’ if other oil producers join’

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Russia has agreed with Opec members Saudi Arabia&comma; Qatar and Venezuela to freeze oil production levels if other producers do the same&period;<&sol;p>&NewLine;<p>Energy minister Alexander Novak announced the decision following a closed-door meeting involving the four countries in the Qatari capital Doha&period;<&sol;p>&NewLine;<p>The meeting reflects growing concern among major oil producers about the effects a prolonged slump in crude prices will have on their domestic economies&period;<&sol;p>&NewLine;<p>Mr Novak said the countries are willing to freeze output levels at January levels &&num;8220&semi;if other oil producers join the initiative&&num;8221&semi;&period;<&sol;p>&NewLine;<p>Getting other major oil suppliers to go along with that plan could be tricky as prices have fallen sharply since summer 2014&comma; leaving producers scrambling to win market share from competitors&period;<&sol;p>&NewLine;<p>Oil prices rose following the meeting&comma; with a barrel of benchmark New York crude trading up 77 US cents &lpar;68c&rpar; at 30&period;21 dollars &lpar;€26&period;97&rpar;&period;<&sol;p>&NewLine;<p>A barrel of Brent&comma; the international standard&comma; gained 89 US cents &lpar;79c&rpar; to 34&period;28 dollars &lpar;€30&period;61&rpar;&period;<&sol;p>&NewLine;<p>Speaking after the meeting&comma; Saudi oil minister Ali Naimi said producers would continue to assess the state of the market in the months ahead&period; He described freezing output at January levels as an adequate step for now&period;<&sol;p>&NewLine;<p>All of the countries at the meeting except Russia are part of Opec&comma; which has refused to cut its official production targets in an effort to bolster faltering prices&period;<&sol;p>&NewLine;<p>The aim of Opec&&num;8217&semi;s keep-pumping strategy has been to attempt to ride out the 12-year lows in prices and force higher-cost producers&comma; such as shale drillers in the US&comma; out of the market&period;<&sol;p>&NewLine;<p>Notably absent from the meeting was Iran&comma; which shares control of a major underwater natural gas field with Qatar&period;<&sol;p>&NewLine;<p>It is eager to ramp up its exports now that sanctions related to its nuclear programme have been lifted&comma; saying recently it aims to put another 500&comma;000 barrels a day on the market&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed11f045824">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;divId&colon; 'atatags-dynamic-belowpost-68ed11f045824'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;format&colon; 'belowpost'&comma;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; document&period;readyState &equals;&equals;&equals; 'loading' &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;document&period;addEventListener&lpar; 'DOMContentLoaded'&comma; window&period;getAdSnippetCallback &rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub; else &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback&lpar;&rpar;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&rcub;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<&sol;script>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>


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