Russia and OPEC agreed to slow down oil extraction

​Saudi Arabia and Russia have agreed to slow down oil extraction at the meeting in Qatar.

According to Saudi Arabia, freezing oil extraction at the level of January is an adequate measure as consumers still need sufficient volumes of supplies, the Minister of Oil of Saudi Arabia, Ali al-Naimi, said.

Russia confirmed this agreement. The Minister of Oil of Qatar, M. al-Sad, and Minister of Oil and Mining of Venezuela, E. del Pino, were present at the meeting.

On the results of the meeting Russia, Saudi Arabia, Qatar and Venezuela are ready to freeze oil extraction at the level of January if other producers join this idea, A. Novak said.

On February 16th the Minister of Energy of Russia, A. Novak, planned to meet with the Minister of Oil of Saudi Arabia, Ali al-Naimi. The President of OPEC, E. I. Kachikvu, and a representative of Venezuela were supposed to be present.

In early February A. Novak met with E. del Pino. The issues concerning the world oil market and further consultations with the leading producers.