Lukmon Oloyede.
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.
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“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.
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