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Russia, Venezuela, Saudi Arabia, Qatar to hold meeting on oil in March

February 26, 2016, 8:51 UTC+3 MOSCOW

The four countries also plan to have a review meeting in July to discuss the impact of the oil output freeze

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© AP Photo/Hasan Jamali

MOSCOW, February 26. /TASS/. Russia, Saudi Arabia, Venezuela, and Qatar have made an arrangement for a meeting where they will scrutinize the prices of oil, Bloomberg said on Thursday quoting Venezuela’s Oil and Mining Minister Eulogio del Pino.

The four countries have not discussed the venue of the meeting so far, he told a Venezuelan TV channel. Along with it, the four countries also plan to have a review meeting in July where they will assess the impact of freezing of output levels on the price.

Del Pino added it was impossible to supply crude to the international markets in previous amounts, as oil prices would collapse if the current situation was allowed to drag on.

Major oil exporting nations are currently holding talks on a possible freezing of crude oil output. In one of the most recent steps in this series, the oil ministers of Saudi Arabia, Qatar, and Venezuela - all the three countries being OPEC members - and Russian Energy Minister Alexander Novak met in the Qatari capital Doha on February 16 to discuss possible improvements in the situation regarding prices.

The conferees said their countries were prepared to keep the averaged output for 2016 at the level of January if other producers joined their initiative.

On February 17, Tehran hosted a conference of Iranian, Venezuelan, Iraqi, and Qatari oil ministers, who probed into the possibility of an output freeze. Iranian minister Bijan Zanganeh said upon the end of the talks his country would support any initiative aiming to push oil prices up.

Along with it, the Iranian side stressed on a number of occasions in the course of the talks it was set to regain the share of the world oil market it had lost while staying under international sanctions.

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