Russia and Saudi Arabia are among four oil producing nations
to have agreed a freeze on oil production.
The deal, struck by the countries' oil ministers, was made
along with Qatar and Venezuela.
The group said they would cap production at January levels
provided others followed suit.
The plan is an attempt to stem the decline in oil prices,
which have plummeted by more than two thirds since hitting a peak of around
$115 a barrel in the summer of 2014.
The downturn has been triggered by a glut of global supply,
exacerbated by the recent lifting of sanctions on Iran, and concerns about the
global economy.
Saudi minister Ali al-Naimi said the freeze was an adequate
measure to address the tumbling oil price, which has led oil firms around the
world to slash thousands of jobs, costs and investment and hurt the economies
of oil-producing countries.
"The reason we agreed to a potential freeze of
production is simple: it is the beginning of a process which we will assess in
the next few months and decide if we need other steps to stabilise and improve
the market," he said.
"We don't want significant gyrations in prices, we
don't want reduction in supply, we want to meet demand, we want a stable oil
price. We have to take a step at a time.
Oil prices have been under pressure due to oversupply
(Picture: Thomson Reuters)
Talks with Iran and Iraq will occur on Wednesday.
The oil price drop has been a boon for drivers, with petrol
prices
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