24 February 2016, 03:30 GMT
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.