Russia and OPEC decided to freeze the oil extraction production at the level of January 11

Almaty. February 16. Silkroadnews - Russia and the Organization of Petroleum Exporting Countries (OPEC) decided to freeze the oil extraction to stabilize it at the level of January 11, according to TASS.
“The negotiations of the Minister of Energy Alexander Novak and the OPEC members’ representatives resulted in agreement to freeze the oil extraction at the level of January 11, Bloomberg reported with reference to the Ministry of Energy of Qatar,” - a statement informed on Tuesday.
Qatar’s Energy Minister Mohammed bin Saleh al-Sada said the low oil prices haven’t been positive for the world. Qatar will also be monitoring the agreement on oil production freeze.
“The price of Brent crude has responded with decrease below $34 per barrel. Earlier, the price of crude oil increased by 5.5% rising above $35 per barrel,” - the report says.
Qatar also confirmed the agreement on the oil extraction “freezing” has been reached between the emirate, Russian Federation and Saudi Arabia, “Al Arabiya” channel informs.
According to the channel, “Qatar has confirmed an agreement with Russia and Saudi Arabia on the “freezing of oil production at the level of January””.
However, as a representative of the Oil Ministry of Qatar informed, “the agreement is a subject to the approval by other oil producing countries as well”.
Saudi Arabia, in its turn, hopes all the oil-producing countries will agree to freeze the level of production, the head of the kingdom’s oil ministry, Ali Ibrahim Al-Naimi stated after the meeting.
Currently, the volume of oil production by OPEC members is estimated as 31-32 million barrels per day. Previous quota was set at 30 million barrels.
As the Oil Minister of Iraq said the decision on quotas was not accepted due to the position of the countries outside the cartel. According to him, to stabilize the oil prices all the countries shall establish depletion control on production. Due to the lack of such control and restrictions the global oil prices declined to the current level, the minister said.