Along with Qatar and Venezuela, the countries of Saudi Arabia and Russia decided to freeze its oil production
the cutting measure production of Saudi Arabia and Russia aimed at stabilizing the oil market
.
Doha, Qatar, February 16, 2016 .- Saudi Arabia and Russian the two largest exporters in the world, agreed to freeze production of crude oil in January levels, which were 33 million bpd above after a meeting with Qatar and Venezuela
. The meeting behind closed doors, which began in Doha, Qatar after being in front of the rotating presidency of OPEC, it comes after more than 18 months of declining oil prices down to the minimum levels it had in 2004.
the Qatari Minister of Energy, Mohammad bin Saleh al-Sada , said the agreement, Qatar and Venezuela also add help to stabilize the market.
“in order to stabilize oil markets, the four countries have agreed to freeze production at its January level provided the other major producers to do the same.”
the Saudi oil minister, Ali Al-Naimi, said the freeze was “appropriate” for the market , adding that the meeting was a success and said he hoped the producers inside and outside OPEC could adopt the proposal
. This agreement aims to reduce the supply of this raw material and slowing its fall in price, which has led him to become cheaper by almost 70% since mid-2014
. Saudi Arabia is leading the Organization of Exporting Countries Oil (OPEC) but Russia is not part of the cartel, whose members Qatar and Venezuela, represented at the meeting in Doha by Mohamed Saleh al Sada and Eulogio del Pino, respectively.
the fall in oil prices due to an oversupply that major world economies, including China, do not absorb the slowdown in economic growth
.
Meexican Business web
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