Saudi Arabia, Russia agree to oil output ‘freeze’

Feb 16, 2016 (LBO) - Saudi Arabia and Russia have agreed to 'freeze' crude oil output after talks in Qatar, fixing production at January levels. Saudi Oil Minister Ali Al-Naimi and Russian Energy Minster Alexander Novak opted not to cut back production, with Qatar and Venezuela also agreeing to participate, Al-Naimi said.
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Brent Crude was off an intra-day high of 35.

45 dollars per barrel, ahead of the meeting between the world's largest crude oil producers, trading at 34.14 dollars per barrel after the announcement.
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Jasper Lawler, of CMC Markets, said: "The output freeze is disappointing because it’s not an outright cut and with Iran not a part of the meeting, it’s still a bit far-fetched to think this is a precursor to a future cut.

Iran’s absence from the meeting means overall OPEC output should still rise." "A freeze would not create an immediate U-turn, but it creates a better foundation for the price recovery in the second half," Olivier Jakob, managing director of consultant Petromatrix GmBh, said in a note to clients before the meeting concluded.