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Russia, Saudi Arabia ministers discussed oil production freeze — source

April 13, 2016, 8:28 UTC+3

Russia and Saudi Arabia are world’s biggest producers and exporters of oil

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©  Viktor Drachev/TASS

MOSCOW, April 13./TASS/. Russian Minister of Energy Alexander Novak and Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi on Tuesday held negotiations on freezing petroleum production, a source from the Russian Ministry of Energy told Tass on Wednesday.

"We confirm the fact of negotiations," said the source whose identity is not disclosed. They were held ahead of a meeting of oil-producing countries in Doha on April 17.

Russia and Saudi Arabia are world’s biggest producers and exporters of oil. An agreement between the two countries on freezing production is one of the key factors for success of the Doha meeting.

Another factor is participation in agreements of Iran, which plans to gradually increase production after the lifting of international sanctions imposed against Iran over its nuclear program.

Oil prices on April 12 were growing by almost four percent on hopes that the oil-producing countries would reach in Doha, Qatar, an agreement to freeze production at current levels.

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