HOUSTON (Sputnik) – Saudi Arabia hopes that more countries will agree on an oil freeze at the upcoming meeting in March, Saudi Arabian Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi stated during the IHS Energy CERAWeek conference on Tuesday.
“We had one meeting, four countries agreed… There is a lot of talk. Hopefully, sometime in March there will be another meeting and probably [it] will gather more agreements on freeze,” Al-Naimi said.
On February 16, the energy ministers of Russia, Venezuela, Qatar and Saudi Arabia agreed to level off average monthly oil output at January levels, in response to persistent low prices.
The oversupply of oil on the world market and declining economic growth among leading consumers has resulted in oil prices reaching their lowest levels since 2004.
