Largest oil producing countries- Saudi Arabia, Russia, Venezuela and Qatar have agreed in a meeting in Doha, Qatar on Tuesday to freeze oil production.
“The reason we agreed to a potential freeze of production is simple: it is the beginning of a process which we will assess in the next few months and decide if we need other steps to stabilize and improve the market,” Saudi oil minister Ali al-Naimi told reporters.
READ MORE 150 Global Food Companies To Converge In Nigeria In May
“We don’t want significant gyrations in prices, we don’t want reduction in supply, we want to meet demand, we want a stable oil price. We have to take a step at a time,” he added.
According to media reports, oil prices made minimal gains following reports of the agreement.
Unlike the other nations involved, Russia is not a member of the Organization of the Petroleum Exporting Countries.
Oil prices have fallen sharply over the past 14 months hence this agreement will be a sigh of relief for many oil producing countries including Nigeria.