Saudi Arabia and Russia have agreed to freeze oil output in a meeting in Qatar. The Saudi Arabian oil minister Ali al-Naimi met with Alexander Novakin Doha, his Russian counterpart, in Qatar on Tuesday to discuss a freeze in the oil price to stop the oil price falling further.
The price of brent crude surged 6 percent on Tuesday to trade at $35.22 a barrel in anticipation of an agreement.
Oil has lost more than 70 percent of its value in 18 months, wreaking havoc on the oil-dependent economies such as Saudi Arabia, which has been forced to make sweeping welfare cuts
The kingdom insisted it wouldn’t curb production unless other producers in the Organization of Petroleum Exporting Countries agreed to co-operate.
Venezuela had lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting with OPEC to try and reach an agreement.