HOUSTON (Sputnik) – OPEC will look at new steps to stimulate the oil market in three to four months after implementing a production freeze that is currently being negotiated, Organization for the Petroleum Exporting Countries (OPEC) Secretary General Abdalla Salem el-Badri said on Monday.
“This is the first step, let us just freeze the production and then maybe if this is successful we can take other steps in the future,” el-Badri said. “Let us freeze the production at a certain month and let us play for 3 to 4 months and review.”
Russia and some of the biggest OPEC oil producers are attempting to negotiate a deal to freeze average monthly output at January levels, hoping the action will eventually cause oil prices to rise.
