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Tuesday, February 16, 2016
Successful Meet at Doha: Oil Production will be stabilized
Saudi Arabia, Russia and Venezuela would lead an effort to freeze output
at January levels and due to which Brent crude futures pared gains."
The large producers met in Doha, Qatar, to discuss measures to tackle a supply glut that's sent prices to 13-year-lows.It had become a global issue as Saudi Arabia was not ready to freeze the supply of oil due to which oil prices went down.
Qatar's energy minister, Mohammad bin Saleh al-Sada, believes that the agreement would help in stabilizing the market. Saudi oil minister Ali Al-Naimi said the freeze was "adequate" for the market, and declared the meeting to be successful. He added he hoped producers inside and outside OPEC would adopt the proposal. Qatar is the current holder of the rotating OPEC presidency. Earlier, news of the meeting news sparked hopes of an eventual deal on supply cuts, after Saudi Arabia-led oil cartel OPEC previously persistently refused to lower its 30 million barrel-a-day production ceiling in a strategy to squeeze out higher cost energy producers, including U.S. shale companies.