Saudi Arabia, Russia to Freeze Oil Output Near Record Levels - Bloomberg Business

Saudi Arabia, Russia to Freeze Oil Output Near Record Levels - Bloomberg Business

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Updated on Qatar, Venezuela also agreed to freeze, asked others to follow Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world's two largest producers to counter a slump that has pummeled economies, markets and companies. While the deal is preliminary and doesn't include Iran, it's the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it's open to further action. Oil pared gains after the accord was announced, signaling traders see no immediate end to the global supply glut. The deal to fix production at January levels, which includes Qatar and Venezuela, is the "beginning of a process" that could require "other steps to stabilize and improve the market,

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