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Friday, January 21, 2022

Report: Qatar meeting of oil ministers leads to production freeze promise


Officials from Russia and Saudi Arabia, two of the world’s largest oil producers, met today in Doha and said they’d maintain current crude output levels in a move Qatar energy minister Mohammed bin Saleh Al Sada said would help stabilize the market, Reuters reported.

The announcement was a disappointment for some traders who had been hoping for a supply cut to help reduce record oil stockpiles and boost prices, the Telegraph reported. Bloomberg quoted oil consultant Olivier Jakob as saying the freeze “would not create an immediate U-turn but it creates a better foundation for the price recovery” in the second half of 2016.

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