- Analytics
- News and Tools
- Market News
- Oil prices decline on news that Russia and Saudi Arabia agree to freeze the oil production at the level of January
Oil prices decline on news that Russia and Saudi Arabia agree to freeze the oil production at the level of January
Oil prices traded lower on news that Russia and Saudi Arabia on Tuesday agreed to freeze the oil production at the level of January if other oil producers join. Energy ministers from Saudi Arabia, Russia, Qatar and Venezuela met in Doha today to discuss the situation in the oil market.
The Saudi Arabian oil minister Ali al-Naimi noted that freezing oil production at January levels was an adequate measure, adding that new measures of stabilisation could be considered in the next few months.
Iranian Oil Minister Bijan Zanganeh said on Tuesday that the country would not agree to freeze its oil production at January levels, adding that Iran would not give up its share of the global oil market.
Iran announced on Sunday that it boosted its oil output by 400,000 barrels per day.
WTI crude oil for March delivery fell to $28.99 a barrel on the New York Mercantile Exchange.
Brent crude oil for March decreased to $32.32 a barrel on ICE Futures Europe.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
