DUBAI, United Arab Emirates – Russia's energy ministry says it has agreed with Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same.
The ministry quoted Energy Minister Alexander Novak announcing the decision Tuesday following an unexpected, closed-door meeting involving the four countries in the Qatari capital, Doha.
He says the countries are willing to freeze output levels at January levels "if other oil producers join the initiative."
Getting other producers to go along with that could be tricky. Prices have fallen sharply slump in prices since summer 2014, leaving producers scrambling to win market share from competitors.