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Oil Production Freezing to Serve World’s Common Interests – Saudi Council

The initiative to freeze oil extraction at January levels would benefit all countries and markets, Nasser bin Abdulaziz Dawood, Foreign Affairs Committee chairman of the Saudi Consultative Assembly, told Sputnik.

Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
US State Department ‘Sceptical’ of Idea to Freeze Oil Production
MOSCOW (Sputnik) — On February 16, Russia, Saudi Arabia, Qatar and Venezuela held talks on the current oil market situation in the Qatari capital of Doha. They agreed to proceed with an output freezing initiative if other countries followed suit. The proposal was later backed by Ecuador, Algeria, Nigeria, Oman, Kuwait and the United Arab Emirates.

"There is no doubt that the agreement between the countries, which are important countries <…> the agreement to freeze oil production at January levels of this year will serve all interests and the interests of the market as a whole," Dawood said.

Oversupply on the world oil market and declining economic growth among leading consumers has resulted in oil prices reaching their lowest levels since 2004.

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